Wolverine Asset Management LLC Buys Shares of 20,000 Summit Materials, Inc. (NYSE:SUM)

Wolverine Asset Management LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 20,000 shares of the construction company’s stock, valued at approximately $769,000.

Several other institutional investors have also recently added to or reduced their stakes in SUM. Signaturefd LLC boosted its holdings in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after acquiring an additional 343 shares during the period. BluePath Capital Management LLC acquired a new position in shares of Summit Materials during the third quarter valued at $32,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Summit Materials during the third quarter valued at $54,000. Headlands Technologies LLC acquired a new position in shares of Summit Materials during the third quarter valued at $77,000. Finally, Assetmark Inc. boosted its holdings in shares of Summit Materials by 20.9% during the third quarter. Assetmark Inc. now owns 5,021 shares of the construction company’s stock valued at $156,000 after acquiring an additional 868 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SUM. Barclays boosted their price target on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. JPMorgan Chase & Co. started coverage on shares of Summit Materials in a report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective for the company. Royal Bank of Canada upped their price objective on shares of Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. Truist Financial boosted their price target on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Finally, The Goldman Sachs Group boosted their price objective on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Trading Up 1.1 %

Shares of NYSE SUM opened at $39.36 on Friday. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 16.54 and a beta of 1.32. The business has a 50 day simple moving average of $41.89 and a 200 day simple moving average of $37.81. Summit Materials, Inc. has a 52 week low of $26.18 and a 52 week high of $44.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.27 by $0.04. The business had revenue of $613.13 million during the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. On average, research analysts predict that Summit Materials, Inc. will post 2.28 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.