Waycross Investment Management Co Trims Stock Position in Summit Materials, Inc. (NYSE:SUM)

Waycross Investment Management Co decreased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 1.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,763 shares of the construction company’s stock after selling 726 shares during the quarter. Summit Materials makes up about 2.0% of Waycross Investment Management Co’s holdings, making the stock its 14th largest position. Waycross Investment Management Co’s holdings in Summit Materials were worth $1,860,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials during the third quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Summit Materials in the 3rd quarter valued at $28,000. Toth Financial Advisory Corp increased 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 valued at $33,000 after buying an additional 500 shares during the period. Finally, International Assets Investment Management LLC raised its position 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 worth $37,000 after buying an additional 913 shares during the last quarter.

Summit Materials Trading Up 0.1 %

Shares of SUM opened at $52.08 on Tuesday. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. 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 firm has a 50 day simple moving average of $50.51 and a 200-day simple moving average of $43.17. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 63.51 and a beta of 1.14.

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

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction 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 sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. StockNews.com initiated coverage on Summit Materials in a research report on Tuesday. They set a “sell” rating on the stock. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson lifted their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.54.

About Summit Materials

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.