9,286 Shares in Summit Materials, Inc. (NYSE:SUM) Purchased by Graypoint LLC

Graypoint LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,286 shares of the construction company’s stock, valued at approximately $470,000.

A number of other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in Summit Materials during the third quarter worth about $203,000. Franklin Resources Inc. purchased a new stake in Summit Materials during the 3rd quarter valued at about $7,359,000. Finally, Synovus Financial Corp raised its holdings in Summit Materials by 13.6% in the 3rd quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after acquiring an additional 3,390 shares during the last quarter.

Summit Materials Price Performance

SUM stock opened at $52.10 on Friday. Summit Materials, Inc. has a 1 year low of $34.38 and a 1 year high of $53.49. The firm has a market capitalization of $9.15 billion, a P/E ratio of 63.54 and a beta of 1.14. 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 business’s 50-day moving average is $50.41 and its two-hundred day moving average is $43.01.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. Analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Wall Street Analysts Forecast Growth

SUM has been the subject of a number of analyst reports. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson boosted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Loop Capital reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $50.54.

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.