Chesapeake Capital Corp IL Has $353,000 Stake in Summit Materials, Inc. (NYSE:SUM)

Chesapeake Capital Corp IL boosted its stake in Summit Materials, Inc. (NYSE:SUM) by 27.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,121 shares of the construction company’s stock after buying an additional 1,990 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Summit Materials were worth $353,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Hood River Capital Management LLC bought a new stake in Summit Materials during the 1st quarter worth about $33,206,000. River Road Asset Management LLC raised 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 period. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares during the period. Interval Partners LP bought a new position in Summit Materials in the 1st quarter valued at about $18,051,000. Finally, Millennium Management LLC increased its holdings in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Stephens reiterated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. JPMorgan Chase & Co. lowered their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Truist Financial lifted their price objective on shares of Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $50.38.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $48.43 on Monday. Summit Materials, Inc. has a 1-year low of $33.70 and a 1-year 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 business has a fifty day moving average price of $41.74 and a 200-day moving average price of $39.62. The company has a market capitalization of $8.50 billion, a PE ratio of 59.06 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 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the company earned $0.81 EPS. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. As a group, equities analysts expect that Summit Materials, Inc. will post 1.64 EPS 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.