Summit Materials, Inc. (NYSE:SUM) Stock Holdings Boosted by Tidal Investments LLC

Tidal Investments LLC lifted its position in Summit Materials, Inc. (NYSE:SUM) by 32.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,688 shares of the construction company’s stock after buying an additional 3,321 shares during the period. Tidal Investments LLC’s holdings in Summit Materials were worth $534,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. River Road Asset Management LLC raised its position in Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares in the last quarter. Millennium Management LLC lifted its stake in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after buying an additional 313,957 shares in the last quarter. Finally, Troluce Capital Advisors LLC acquired a new position in Summit Materials in the second quarter worth approximately $10,983,000.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SUM shares. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. DA Davidson increased their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Morgan Stanley initiated coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

SUM opened at $50.50 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a market cap of $8.87 billion, a PE ratio of 61.59 and a beta of 1.14. The stock has a 50-day moving average of $48.02 and a 200-day moving average of $41.55. Summit Materials, Inc. has a 52-week low of $34.38 and a 52-week high of $53.49.

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

Insider Buying and Selling

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Summit Materials Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.