Thurston Springer Miller Herd & Titak Inc. Buys New Position in Summit Materials, Inc. (NYSE:SUM)

Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, HoldingsChannel reports. The fund purchased 13,907 shares of the construction company’s stock, valued at approximately $704,000.

Several other hedge funds also recently made changes to their positions in the business. Versant Capital Management Inc increased its holdings in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares during the last quarter. Assetmark Inc. grew its position in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after acquiring an additional 411 shares during the period. Xponance Inc. increased its stake in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after purchasing an additional 448 shares during the last quarter. Toth Financial Advisory Corp increased 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 worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after purchasing an additional 629 shares during the period.

Summit Materials Stock Performance

NYSE SUM opened at $52.15 on Thursday. The firm has a 50-day moving average price of $50.61 and a two-hundred day moving average price of $43.28. Summit Materials, Inc. has a 12-month low of $34.38 and a 12-month high of $53.49. The company has a market capitalization of $9.16 billion, a P/E ratio of 63.60 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

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, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. Analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on SUM shares. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Truist Financial reissued a “hold” rating and issued a $52.50 price objective (down 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 given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus price target of $50.54.

Insider Activity

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

Summit Materials Company 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.