Chesapeake Capital Corp IL Has $261,000 Position in Summit Materials, Inc. (NYSE:SUM)

Chesapeake Capital Corp IL reduced its stake in Summit Materials, Inc. (NYSE:SUM) by 51.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,131 shares of the construction company’s stock after selling 7,545 shares during the period. Chesapeake Capital Corp IL’s holdings in Summit Materials were worth $261,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SUM. Norges Bank acquired a new position in shares of Summit Materials in the fourth quarter valued at $49,437,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Summit Materials by 20.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 shares during the last quarter. Hood River Capital Management LLC acquired a new position in shares of Summit Materials in the first quarter valued at $33,206,000. Interval Partners LP acquired a new position in shares of Summit Materials in the first quarter valued at about $18,051,000. Finally, Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 262,179 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms recently commented on SUM. Truist Financial decreased their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus decreased their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup upped their price target on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Trading Up 1.5 %

Shares of Summit Materials stock opened at $36.19 on Wednesday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 16.16 and a beta of 1.18. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. The firm’s 50-day moving average price is $38.50 and its two-hundred day moving average price is $39.55.

Summit Materials (NYSE:SUM) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 earnings per share. On average, analysts forecast that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal 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.