Cannon Global Investment Management LLC Takes Position in Summit Materials, Inc. (NYSE:SUM)

Cannon Global Investment Management LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 9,200 shares of the construction company’s stock, valued at approximately $354,000. Summit Materials accounts for about 2.7% of Cannon Global Investment Management LLC’s holdings, making the stock its 19th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Summit Materials by 1.2% during the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock worth $371,353,000 after buying an additional 136,921 shares during the period. BlackRock Inc. lifted its position in Summit Materials by 5.3% in the second quarter. BlackRock Inc. now owns 9,616,329 shares of the construction company’s stock worth $363,978,000 after purchasing an additional 485,086 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Summit Materials by 2.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,028,677 shares of the construction company’s stock worth $256,324,000 after purchasing an additional 208,355 shares during the period. Capital International Investors lifted its position in Summit Materials by 8.1% in the first quarter. Capital International Investors now owns 6,903,885 shares of the construction company’s stock worth $214,435,000 after purchasing an additional 519,296 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in Summit Materials by 130.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock worth $171,674,000 after purchasing an additional 3,122,575 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SUM shares. The Goldman Sachs Group upped their target price on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. Truist Financial increased their price objective on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. Royal Bank of Canada increased their price objective on Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a research report on Thursday, March 14th. Finally, Citigroup increased their price objective on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Stock Down 0.3 %

NYSE:SUM traded down $0.10 during trading hours on Friday, hitting $38.37. 158,297 shares of the stock traded hands, compared to its average volume of 964,252. Summit Materials, Inc. has a fifty-two week low of $26.18 and a fifty-two week high of $44.89. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 16.16 and a beta of 1.32. The firm has a 50 day moving average price of $41.80 and a 200 day moving average price of $37.57.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The business had revenue of $613.13 million for the quarter, compared to the consensus estimate of $560.90 million. During the same period in the prior year, the business posted $0.32 earnings per share. Summit Materials’s revenue for the quarter was up 19.8% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post 2.28 earnings per share for the current 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.