Wolverine Asset Management LLC Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

Wolverine Asset Management LLC bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, HoldingsChannel.com reports. The firm bought 20,000 shares of the construction company’s stock, valued at approximately $769,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SUM. Signaturefd LLC boosted its holdings in Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock worth $25,000 after buying an additional 343 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in shares of Summit Materials during the third quarter worth about $32,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Summit Materials during the third quarter worth about $54,000. Headlands Technologies LLC acquired a new stake in shares of Summit Materials during the third quarter worth about $77,000. Finally, Assetmark Inc. raised its position 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 worth $156,000 after purchasing an additional 868 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Truist Financial raised their price target on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group lifted their target price on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Stephens reissued an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price on the stock. Finally, Barclays upped their price objective on Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.09.

Summit Materials Trading Up 1.1 %

NYSE SUM opened at $39.36 on Friday. The company has a market cap of $6.86 billion, a PE ratio of 16.54 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. Summit Materials, Inc. has a 12 month low of $26.18 and a 12 month high of $44.89. The stock has a 50 day moving average of $41.89 and a 200-day moving average of $37.81.

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