16,300 Shares in Summit Materials, Inc. (NYSE:SUM) Bought by Bayesian Capital Management LP

Bayesian Capital Management LP bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 16,300 shares of the construction company’s stock, valued at approximately $726,000.

A number of other large investors have also modified their holdings of the company. Swisher Financial Concepts Inc. raised its position in shares of Summit Materials by 5.3% during the 1st quarter. Swisher Financial Concepts Inc. now owns 6,232 shares of the construction company’s stock worth $259,000 after purchasing an additional 311 shares during the last quarter. Signaturefd LLC grew its stake in Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after acquiring an additional 343 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after buying an additional 382 shares during the period. Parallel Advisors LLC boosted its position in shares of Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after purchasing an additional 399 shares during the period. Finally, Janney Capital Management LLC boosted its position in shares of Summit Materials by 3.1% during the 4th quarter. Janney Capital Management LLC now owns 13,562 shares of the construction company’s stock worth $522,000 after purchasing an additional 402 shares during the period.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the sale, the insider now owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Wednesday, May 15th. Truist Financial lifted their target price on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Citigroup cut their price target on shares of Summit Materials from $51.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, Royal Bank of Canada lifted their price objective on Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Price Performance

SUM traded up $0.81 on Tuesday, hitting $40.95. 778,612 shares of the company were exchanged, compared to its average volume of 974,333. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The business’s fifty day moving average is $37.77 and its 200 day moving average is $39.32. Summit Materials, Inc. has a fifty-two week low of $29.98 and a fifty-two week high of $44.89. The firm has a market capitalization of $7.19 billion, a P/E ratio of 18.24 and a beta of 1.15.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The company had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. During the same period in the prior year, the business posted ($0.26) earnings per share. The firm’s revenue for the quarter was up 89.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Summit Materials, Inc. will post 1.82 EPS for the current 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.