Kornitzer Capital Management Inc. KS Raises Stake in Summit Materials, Inc. (NYSE:SUM)

Kornitzer Capital Management Inc. KS boosted its position in shares of Summit Materials, Inc. (NYSE:SUM) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 475,111 shares of the construction company’s stock after acquiring an additional 1,900 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.27% of Summit Materials worth $18,544,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares during the last quarter. Ausbil Investment Management Ltd raised its position in shares of Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after acquiring an additional 18,706 shares in the last quarter. Sei Investments Co. lifted its stake in Summit Materials by 20.7% during the first quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after purchasing an additional 78,111 shares during the last quarter. Comerica Bank boosted its holdings in Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after purchasing an additional 62,173 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Summit Materials by 89.5% in the first quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after purchasing an additional 42,344 shares during the last quarter.

Summit Materials Stock Down 2.2 %

NYSE SUM traded down $1.12 during mid-day trading on Thursday, reaching $49.88. 80,030 shares of the company’s stock traded hands, compared to its average volume of 1,059,066. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 1-year low of $33.04 and a 1-year high of $51.74. The company has a fifty day simple moving average of $40.19 and a 200-day simple moving average of $39.14. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 62.18 and a beta of 1.14.

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, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, equities research analysts expect that Summit Materials, Inc. will post 1.6 EPS for the current year.

Analyst Upgrades and Downgrades

SUM has been the subject of several research analyst reports. Stephens restated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Loop Capital raised their price objective on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. StockNews.com raised Summit Materials from a “sell” rating to a “hold” rating in a report on Tuesday. Citigroup decreased their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Morgan Stanley initiated coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.38.

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.