Kornitzer Capital Management Inc. KS Has $18.54 Million Holdings in Summit Materials, Inc. (NYSE:SUM)

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

Several other hedge funds have also recently bought and sold shares of the business. Hood River Capital Management LLC bought a new position in Summit Materials during the first quarter valued at approximately $33,206,000. River Road Asset Management LLC grew its position in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares during the period. Interval Partners LP bought a new position in Summit Materials during the first quarter worth $18,051,000. Finally, Millennium Management LLC raised its stake in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after purchasing an additional 399,072 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective on the stock. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. Loop Capital increased their price objective on Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada raised their price target on Summit Materials from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Stephens reissued an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.38.

Summit Materials Stock Down 2.2 %

NYSE:SUM traded down $1.12 on Thursday, hitting $49.88. 80,030 shares of the company’s stock were exchanged, compared to its average volume of 1,059,066. The firm has a 50-day moving average price of $40.19 and a 200-day moving average price of $39.14. Summit Materials, Inc. has a 52 week low of $33.04 and a 52 week high of $51.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $8.76 billion, a P/E ratio of 62.18 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s revenue was up 49.9% on a year-over-year basis. During the same period last year, the firm posted $0.81 earnings per share. As a group, analysts expect that Summit Materials, Inc. will post 1.6 EPS 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.