Sagefield Capital LP buys 51,489 shares of Summit Materials, Inc. (NYSE:SUM)

Sagefield Capital LP grew its position in Summit Materials, Inc. (NYSE:SUM – Free Report) by 25.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 252,094 shares of the construction company’s stock after acquiring an additional 51,489 shares during the period. Summit Materials comprises about 1.0% of Sagefield Capital LP’s portfolio, making the stock its 26th biggest holding. Sagefield Capital LP owned 0.14% of Summit Materials worth $9,229,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SUM. Janney Montgomery Scott LLC boosted its holdings in shares of Summit Materials by 17.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock worth $521,000 after buying an additional 1,965 shares during the period. actions during that period. Brown Advisory Inc. bought a new stake in shares of Summit Materials in the 4th quarter valued at about $360,000. Norges Bank bought a new stake in shares of Summit Materials during the fourth quarter valued at approximately $49,437,000. Wells Fargo & Company MN raised its holdings in shares of Summit Materials by 3.4% during the 4th quarter. Wells Fargo & Company MN now owns 202,404 shares of the construction company’s stock worth $7,784,000 after buying another 6,633 shares during the period. Finally, DA Davidson & CO. bought a new stake in shares of Summit Materials in the 4th quarter valued at about $327,000.

Analysts on Wall Street are forecasting an increase

Several brokerages have recently commented on SUM. Stifel Nicolaus cut their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Citigroup raised their target price on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a report on Wednesday, August 7th. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Moderate Buy” and a consensus price target of $47.40, based on data from MarketBeat.

Check out our latest research report on SUM

Summit materials price performance

Shares of NYSE:SUM opened at $38.98 on Tuesday. The firm has a 50-day moving average of $38.78 and a 200-day moving average of $39.27. The stock has a market cap of $6.84 billion, a PE ratio of 17.40 and a beta of 1.18. 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, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89.

Summit Materials (NYSE:SUM – Get Your Free Report ) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 EPS. On average, equities research analysts predict that Summit Materials, Inc. will post 1.69 EPS for the current fiscal year.

About Summit Materials

(Free Report)

Summit Materials, Inc operates as a vertically integrated building 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 plastic components.

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