Algert Global LLC Has $2.87 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Algert Global LLC trimmed its position in Summit Materials, Inc. (NYSE:SUM) by 39.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 73,394 shares of the construction company’s stock after selling 48,240 shares during the quarter. Algert Global LLC’s holdings in Summit Materials were worth $2,865,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials during the 3rd quarter valued at $27,000. Toth Financial Advisory Corp grew its stake in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC increased its holdings 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 valued at $37,000 after purchasing an additional 913 shares during the last quarter. Quest Partners LLC acquired a new position in Summit Materials in the second quarter valued at about $40,000. Finally, Farther Finance Advisors LLC boosted its holdings in Summit Materials by 275.7% during the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock worth $51,000 after buying an additional 951 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Citigroup reissued a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday. Stephens restated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Truist Financial reiterated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and an average price target of $50.81.

Summit Materials Stock Up 0.2 %

SUM stock opened at $50.85 on Wednesday. The company has a market cap of $8.93 billion, a price-to-earnings ratio of 62.01 and a beta of 1.14. Summit Materials, Inc. has a twelve month low of $34.38 and a twelve month high of $53.49. The business has a 50 day moving average price of $43.52 and a two-hundred day moving average price of $40.11. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the business earned $0.81 earnings per share. The firm’s revenue was up 49.9% on a year-over-year basis. Analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal 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.