Versant Capital Management Inc Raises Position in Summit Materials, Inc. (NYSE:SUM)

Versant Capital Management Inc lifted its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 179.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 550 shares of the construction company’s stock after acquiring an additional 353 shares during the quarter. Versant Capital Management Inc’s holdings in Summit Materials were worth $28,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in Summit Materials during the 3rd quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the third quarter worth approximately $28,000. Toth Financial Advisory Corp raised its holdings in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after acquiring an additional 913 shares during the last quarter. Finally, Quest Partners LLC acquired a new position in Summit Materials during the 2nd quarter worth approximately $40,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. StockNews.com initiated coverage on Summit Materials in a research report on Monday. They set a “sell” rating for the company. Loop Capital reissued a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Citigroup restated a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.54.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

Summit Materials Stock Up 2.0 %

Shares of NYSE:SUM opened at $52.13 on Wednesday. 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 cap of $9.15 billion, a P/E ratio of 63.57 and a beta of 1.14. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. The firm has a fifty day moving average price of $50.12 and a 200 day moving average price of $42.71.

Summit Materials (NYSE:SUM) last announced its earnings results 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 business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Sell-side analysts predict 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.