Wolverine Asset Management LLC Invests $879,000 in Summit Materials, Inc. (NYSE:SUM)

Wolverine Asset Management LLC purchased a new position in Summit Materials, Inc. (NYSE:SUM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 24,000 shares of the construction company’s stock, valued at approximately $879,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swisher Financial Concepts Inc. raised its position in Summit Materials by 5.3% in the first quarter. Swisher Financial Concepts Inc. now owns 6,232 shares of the construction company’s stock valued at $259,000 after purchasing an additional 311 shares during the period. Quadrant Capital Group LLC boosted its holdings in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after purchasing an additional 382 shares in the last quarter. Parallel Advisors LLC lifted its position in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares during the last quarter. Janney Capital Management LLC increased its position in shares of Summit Materials by 3.1% during the fourth quarter. Janney Capital Management LLC now owns 13,562 shares of the construction company’s stock worth $522,000 after purchasing an additional 402 shares in the last quarter. Finally, Waycross Investment Management Co boosted its position in shares of Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after purchasing an additional 412 shares during the period.

Analyst Ratings Changes

SUM has been the subject of several recent research reports. Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research note on Wednesday, May 15th. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Truist Financial reduced their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Price Performance

SUM stock opened at $36.81 on Thursday. The stock has a market capitalization of $6.46 billion, a price-to-earnings ratio of 16.43 and a beta of 1.15. The stock’s fifty day simple moving average is $38.49 and its 200-day simple moving average is $39.71. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. Summit Materials’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 earnings per share. Equities research analysts expect that Summit Materials, Inc. will post 1.69 EPS for the current year.

Summit Materials Company 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.