Diversify Wealth Management LLC Grows Holdings in Summit Materials, Inc. (NYSE:SUM)

Diversify Wealth Management LLC raised its position in Summit Materials, Inc. (NYSE:SUM) by 47.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,972 shares of the construction company’s stock after buying an additional 4,808 shares during the period. Diversify Wealth Management LLC’s holdings in Summit Materials were worth $779,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in Summit Materials by 179.2% in the fourth 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. Assetmark Inc. boosted its stake in shares of Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after buying an additional 411 shares during the last quarter. Xponance Inc. grew its position in shares of Summit Materials by 6.2% during the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares in the last quarter. Toth Financial Advisory Corp increased its stake in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Summit Materials by 19.8% in the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after buying an additional 629 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SUM. 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 report on Monday, November 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. DA Davidson upped their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Finally, StockNews.com started coverage on Summit Materials in a research report on Wednesday. They set a “sell” rating on the stock. 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 company’s stock. According to MarketBeat.com, Summit Materials has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Trading Down 0.0 %

Shares of NYSE:SUM opened at $52.19 on Wednesday. Summit Materials, Inc. has a fifty-two week low of $34.64 and a fifty-two week high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a market cap of $9.16 billion, a PE ratio of 63.64 and a beta of 1.14. The company’s 50-day moving average price is $50.76 and its 200 day moving average price is $43.74.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The business’s revenue was up 49.9% on a year-over-year basis. Sell-side analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly 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 legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

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.