Rather & Kittrell Inc. Buys Shares of 6,016 Summit Materials, Inc. (NYSE:SUM)

Rather & Kittrell Inc. bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,016 shares of the construction company’s stock, valued at approximately $231,000.

Other institutional investors also recently modified their holdings of the company. Wolverine Asset Management LLC bought a new position in Summit Materials during the 4th quarter worth approximately $769,000. Linden Thomas Advisory Services LLC raised its holdings in Summit Materials by 26.1% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 9,517 shares of the construction company’s stock worth $366,000 after purchasing an additional 1,968 shares during the period. Handelsbanken Fonder AB raised its holdings in Summit Materials by 29.0% in the fourth quarter. Handelsbanken Fonder AB now owns 12,000 shares of the construction company’s stock worth $462,000 after purchasing an additional 2,700 shares during the period. Signaturefd LLC boosted its position in shares of 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 purchasing an additional 343 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its holdings in shares of Summit Materials by 0.4% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 473,211 shares of the construction company’s stock valued at $18,200,000 after buying an additional 1,900 shares during the period.

Analysts Set New Price Targets

Several analysts recently commented on the company. Stephens reaffirmed an “overweight” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. Citigroup raised their price target on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. JPMorgan Chase & Co. began coverage on Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price objective for the company. Royal Bank of Canada raised their target price 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. Finally, The Goldman Sachs Group upped their price target on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Stock Up 1.6 %

Shares of NYSE SUM traded up $0.63 during midday trading on Friday, reaching $40.00. The company’s stock had a trading volume of 534,449 shares, compared to its average volume of 959,861. Summit Materials, Inc. has a fifty-two week low of $26.43 and a fifty-two week high of $44.89. The stock has a 50 day simple moving average of $41.86 and a 200-day simple moving average of $37.87. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 16.81 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 (NYSE:SUM) last issued 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 net margin of 10.91% and a return on equity of 8.73%. The firm had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. During the same period in the previous year, the business earned $0.32 EPS. The company’s revenue was up 19.8% compared to the same quarter last year. Equities research analysts predict that Summit Materials, Inc. will post 2.28 earnings per share for the current year.

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.