Hiddenite Capital Partners LP Reduces Position in Summit Materials, Inc. (NYSE:SUM)

Hiddenite Capital Partners LP lessened its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 29.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,000 shares of the construction company’s stock after selling 25,000 shares during the quarter. Summit Materials accounts for 0.7% of Hiddenite Capital Partners LP’s portfolio, making the stock its 21st largest position. Hiddenite Capital Partners LP’s holdings in Summit Materials were worth $2,197,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SUM. Choreo LLC acquired a new stake in shares of Summit Materials in the 2nd quarter valued at about $382,000. Ashton Thomas Private Wealth LLC acquired a new stake in Summit Materials during the second quarter valued at approximately $154,000. Quest Partners LLC bought a new position in Summit Materials during the 2nd quarter worth approximately $40,000. Norden Group LLC grew its position in shares of Summit Materials by 31.0% in the 2nd quarter. Norden Group LLC now owns 19,859 shares of the construction company’s stock worth $727,000 after acquiring an additional 4,701 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Summit Materials by 4.7% in the 2nd quarter. Arizona State Retirement System now owns 34,382 shares of the construction company’s stock valued at $1,259,000 after acquiring an additional 1,540 shares during the last quarter.

Analyst Ratings Changes

SUM has been the subject of a number of research reports. Citigroup lifted their price objective 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. Stephens reiterated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Stifel Nicolaus dropped their price target 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. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price for the company in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $35.65 on Tuesday. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of 15.92 and a beta of 1.18. 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, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89. The stock’s 50 day moving average price is $38.48 and its 200 day moving average price is $39.59.

Summit Materials (NYSE:SUM) last announced 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. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates 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 was up 58.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Equities research analysts anticipate that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal year.

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.