Hunter Associates Investment Management LLC Purchases 39,308 Shares of Summit Materials, Inc. (NYSE:SUM)

Hunter Associates Investment Management LLC raised its position in shares of Summit Materials, Inc. (NYSE:SUM) by 104.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 76,963 shares of the construction company’s stock after purchasing an additional 39,308 shares during the quarter. Hunter Associates Investment Management LLC’s holdings in Summit Materials were worth $3,001,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials during the 3rd quarter valued at about $27,000. Toth Financial Advisory Corp grew its stake in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares during the period. International Assets Investment Management LLC grew its stake in shares of Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after acquiring an additional 913 shares during the period. Quest Partners LLC bought a new position in shares of Summit Materials during the 2nd quarter valued at approximately $40,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials during the 1st quarter valued at approximately $102,000.

Wall Street Analysts Forecast Growth

SUM has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $45.00 to $53.00 in a research note on Friday. Morgan Stanley initiated coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. Jefferies Financial Group cut their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Citigroup cut their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.42.

Summit Materials Trading Up 1.2 %

SUM stock opened at $45.63 on Tuesday. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 20.37 and a beta of 1.17. Summit Materials, Inc. has a 1-year low of $31.67 and a 1-year high of $46.40. The business has a 50 day simple moving average of $39.06 and a two-hundred day simple moving average of $38.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. Research analysts anticipate that Summit Materials, Inc. will post 1.63 EPS for the current fiscal year.

About Summit Materials

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.