Inspire Investing LLC Acquires 997 Shares of Summit Materials, Inc. (NYSE:SUM)

Inspire Investing LLC lifted its holdings in Summit Materials, Inc. (NYSE:SUM) by 10.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,607 shares of the construction company’s stock after buying an additional 997 shares during the quarter. Inspire Investing LLC’s holdings in Summit Materials were worth $414,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SUM. Hood River Capital Management LLC bought a new position in shares of Summit Materials in the first quarter valued at about $33,206,000. Massachusetts Financial Services Co. MA raised its holdings in shares of 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 buying an additional 448,922 shares during the last quarter. Interval Partners LP bought a new position in shares of Summit Materials in the first quarter valued at about $18,051,000. Millennium Management LLC raised its holdings in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Finally, Troluce Capital Advisors LLC bought a new position in shares of Summit Materials in the second quarter valued at about $10,983,000.

Summit Materials Price Performance

Summit Materials stock opened at $40.65 on Thursday. The firm has a market capitalization of $7.13 billion, a P/E ratio of 18.15 and a beta of 1.17. Summit Materials, Inc. has a 1 year low of $30.83 and a 1 year high of $44.89. The business has a 50-day moving average of $38.43 and a 200-day moving average of $38.75. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.71 EPS. Summit Materials’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, equities analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SUM. DA Davidson reiterated a “neutral” rating and issued a $41.00 price objective on shares of Summit Materials in a research report on Tuesday. JPMorgan Chase & Co. lowered their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Jefferies Financial Group lowered their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Citigroup lowered their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Summit Materials currently has a consensus rating of “Moderate Buy” and an average target price of $47.17.

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.