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

Chesapeake Capital Corp IL lowered its position in shares of Summit Materials, Inc. (NYSE:SUM) by 51.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,131 shares of the construction company’s stock after selling 7,545 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Summit Materials were worth $261,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SUM. Truist Financial Corp bought a new position in Summit Materials in the fourth quarter valued at approximately $308,000. Natixis Advisors L.P. lifted its stake in Summit Materials by 6.7% in the fourth quarter. Natixis Advisors L.P. now owns 30,382 shares of the construction company’s stock valued at $1,168,000 after buying an additional 1,920 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Summit Materials by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock valued at $55,593,000 after buying an additional 28,515 shares in the last quarter. Principal Securities Inc. bought a new position in Summit Materials in the fourth quarter valued at approximately $165,000. Finally, Teacher Retirement System of Texas lifted its stake in Summit Materials by 5.2% in the fourth quarter. Teacher Retirement System of Texas now owns 49,172 shares of the construction company’s stock valued at $1,891,000 after buying an additional 2,426 shares in the last quarter.

Summit Materials Stock Performance

NYSE SUM opened at $36.19 on Wednesday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm’s fifty day moving average price is $38.50 and its two-hundred day moving average price is $39.55. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89. The firm has a market capitalization of $6.35 billion, a P/E ratio of 16.16 and a beta of 1.18.

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

Wall Street Analyst Weigh In

SUM has been the topic of a number of research reports. Citigroup lifted 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. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Wednesday, May 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Stifel Nicolaus cut their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

About Summit Materials

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.