Cannon Global Investment Management LLC Purchases Shares of 9,200 Summit Materials, Inc. (NYSE:SUM)

Cannon Global Investment Management LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 9,200 shares of the construction company’s stock, valued at approximately $354,000. Summit Materials makes up about 2.7% of Cannon Global Investment Management LLC’s portfolio, making the stock its 19th largest holding.

A number of other large investors have also recently made changes to their positions in SUM. Janney Capital Management LLC grew its holdings in Summit Materials by 2.7% during the third quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock worth $410,000 after buying an additional 350 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Summit Materials by 1.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,577 shares of the construction company’s stock worth $641,000 after acquiring an additional 377 shares in the last quarter. Metropolitan Life Insurance Co NY raised its holdings in shares of Summit Materials by 5.9% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 7,413 shares of the construction company’s stock valued at $210,000 after purchasing an additional 415 shares during the last quarter. Benjamin Edwards Inc. lifted its position in shares of Summit Materials by 81.3% during the second quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock valued at $36,000 after purchasing an additional 421 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Summit Materials by 1.4% during the third quarter. Arizona State Retirement System now owns 33,834 shares of the construction company’s stock worth $1,054,000 after purchasing an additional 460 shares during the last quarter.

Summit Materials Stock Performance

Shares of NYSE SUM traded down $0.10 during midday trading on Friday, hitting $38.37. The company’s stock had a trading volume of 158,297 shares, compared to its average volume of 964,252. The firm has a market capitalization of $6.69 billion, a price-to-earnings ratio of 16.16 and a beta of 1.32. 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 stock has a fifty day moving average price of $41.80 and a 200 day moving average price of $37.57. Summit Materials, Inc. has a one year low of $26.18 and a one year high of $44.89.

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

Analysts Set New Price Targets

Several equities research analysts have commented on SUM shares. Stephens reiterated an “overweight” rating and issued a $45.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. Citigroup increased their price target on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Truist Financial boosted their price objective on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada raised their target price 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, JPMorgan Chase & Co. initiated coverage on Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.09.

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.