Tidal Investments LLC Has $534,000 Holdings in Summit Materials, Inc. (NYSE:SUM)

Tidal Investments LLC increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 32.0% during the third quarter, HoldingsChannel.com reports. The firm owned 13,688 shares of the construction company’s stock after buying an additional 3,321 shares during the period. Tidal Investments LLC’s holdings in Summit Materials were worth $534,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. River Road Asset Management LLC increased its holdings in Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the period. Millennium Management LLC raised its position in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after purchasing an additional 399,072 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 worth $68,419,000 after purchasing an additional 313,957 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new stake in Summit Materials during the second quarter valued at approximately $10,983,000.

Analysts Set New Price Targets

SUM has been the subject of a number of recent research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Finally, Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.54.

Insider Buying and Selling at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Summit Materials Stock Up 0.3 %

NYSE SUM opened at $50.50 on Monday. The stock has a market capitalization of $8.87 billion, a P/E ratio of 61.59 and a beta of 1.14. Summit Materials, Inc. has a 52 week low of $34.38 and a 52 week high of $53.49. 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 stock has a fifty day moving average of $48.02 and a 200-day moving average of $41.55.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm 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 company’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 EPS. On average, equities research analysts forecast that Summit Materials, Inc. will post 1.66 EPS for the current year.

Summit Materials 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.