Summit Materials, Inc. (NYSE:SUM) Stake Raised by Harvey Partners LLC

Harvey Partners LLC grew its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 9.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 806,500 shares of the construction company’s stock after purchasing an additional 69,000 shares during the period. Summit Materials makes up approximately 3.6% of Harvey Partners LLC’s investment portfolio, making the stock its 10th largest holding. Harvey Partners LLC’s holdings in Summit Materials were worth $31,478,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SUM. River Road Asset Management LLC increased 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 buying an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after buying an additional 448,922 shares during the period. Millennium Management LLC lifted its stake in shares of Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 valued at $68,419,000 after purchasing an additional 313,957 shares during the last quarter. Finally, Troluce Capital Advisors LLC bought a new stake in shares of Summit Materials during the second quarter worth $10,983,000.

Summit Materials Stock Performance

NYSE SUM opened at $50.92 on Tuesday. Summit Materials, Inc. has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The business’s 50 day moving average price is $44.45 and its 200-day moving average price is $40.40. 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 $8.94 billion, a P/E ratio of 62.10 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. Sell-side analysts predict that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SUM shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reissued a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One research 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus 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.