Silvercrest Asset Management Group LLC Purchases 41,281 Shares of Summit Materials, Inc. (NYSE:SUM)

Silvercrest Asset Management Group LLC lifted its position in Summit Materials, Inc. (NYSE:SUM) by 38.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,375 shares of the construction company’s stock after acquiring an additional 41,281 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.08% of Summit Materials worth $6,569,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Signaturefd LLC grew its stake in Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares during the last quarter. Parallel Advisors LLC grew its stake in Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after purchasing an additional 399 shares during the last quarter. Register Financial Advisors LLC purchased a new position in Summit Materials in the first quarter valued at about $45,000. Quadrant Capital Group LLC grew its stake in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after purchasing an additional 382 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Summit Materials in the first quarter valued at about $102,000.

Insider Activity

In other news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the transaction, the insider now owns 60,630 shares in the company, valued at approximately $2,437,932.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on SUM. Citigroup cut their target price on Summit Materials from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a report on Wednesday, May 15th. StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Stifel Nicolaus dropped their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Finally, Truist Financial upped their target price on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Stock Performance

Summit Materials stock traded up $0.74 during mid-day trading on Tuesday, hitting $40.88. The company had a trading volume of 458,769 shares, compared to its average volume of 972,127. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. The company’s fifty day moving average is $37.77 and its 200-day moving average is $39.32. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 18.24 and a beta of 1.15.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The business had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. During the same quarter in the prior year, the firm posted ($0.26) EPS. The business’s quarterly revenue was up 89.9% compared to the same quarter last year. Equities research analysts predict that Summit Materials, Inc. will post 1.82 EPS for the current year.

Summit Materials 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.