714 Shares in Summit Materials, Inc. (NYSE:SUM) Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 714 shares of the construction company’s stock, valued at approximately $28,000.

A number of other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter worth about $27,000. Toth Financial Advisory Corp boosted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC bought a new stake in shares of Summit Materials during the second quarter valued at approximately $40,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after buying an additional 951 shares in the last quarter.

Summit Materials Price Performance

SUM stock opened at $50.80 on Monday. The stock has a market cap of $8.92 billion, a PE ratio of 61.95 and a beta of 1.14. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49. The company has a 50-day moving average price of $45.41 and a 200 day moving average price of $40.70. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. Equities research analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SUM. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Loop Capital reaffirmed a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.81.

Summit Materials Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.