Graypoint LLC Makes New $470,000 Investment in Summit Materials, Inc. (NYSE:SUM)

Graypoint LLC purchased a new stake in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 9,286 shares of the construction company’s stock, valued at approximately $470,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rhumbline Advisers boosted its stake in Summit Materials by 9.6% in the second quarter. Rhumbline Advisers now owns 213,302 shares of the construction company’s stock valued at $7,809,000 after acquiring an additional 18,625 shares in the last quarter. Quest Partners LLC purchased a new position in Summit Materials during the 2nd quarter worth $40,000. Choreo LLC acquired a new position in Summit Materials during the 2nd quarter valued at about $382,000. American Century Companies Inc. raised its stake in Summit Materials by 3.7% in the second quarter. American Century Companies Inc. now owns 1,745,960 shares of the construction company’s stock valued at $63,920,000 after buying an additional 62,091 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its stake in Summit Materials by 5.8% in the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after buying an additional 327 shares during the last quarter.

Summit Materials Price Performance

Shares of NYSE SUM opened at $52.10 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 63.54 and a beta of 1.14. The firm’s 50 day simple moving average is $50.41 and its 200-day simple moving average is $43.01. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49.

Summit Materials (NYSE:SUM) last released 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. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm’s revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the business earned $0.81 earnings per share. Analysts expect that Summit Materials, Inc. will post 1.66 EPS for the current year.

Wall Street Analyst Weigh In

SUM has been the topic of a number of research analyst reports. Citigroup restated a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Loop Capital restated 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. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

Summit Materials Company 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.