Lisanti Capital Growth LLC Raises Stake in Summit Materials Inc (SUM)
Lisanti Capital Growth LLC grew its holdings in Summit Materials Inc (NYSE:SUM) by 34.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 90,438 shares of the construction company’s stock after purchasing an additional 23,053 shares during the quarter. Summit Materials makes up about 1.6% of Lisanti Capital Growth LLC’s portfolio, making the stock its 14th biggest holding. Lisanti Capital Growth LLC’s holdings in Summit Materials were worth $2,843,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Bank of Montreal Can raised its stake in shares of Summit Materials by 310.5% in the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock valued at $104,000 after acquiring an additional 2,515 shares during the period. First Manhattan Co. purchased a new position in shares of Summit Materials in the 3rd quarter valued at $160,000. Cubist Systematic Strategies LLC purchased a new position in shares of Summit Materials in the 3rd quarter valued at $180,000. Daiwa Securities Group Inc. purchased a new position in shares of Summit Materials in the 3rd quarter valued at $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Materials by 39.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after buying an additional 1,985 shares during the period.
Several research firms recently issued reports on SUM. Zacks Investment Research raised shares of Summit Materials from a “sell” rating to a “hold” rating in a research note on Wednesday, January 31st. SunTrust Banks set a $38.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Canaccord Genuity reaffirmed a “buy” rating and set a $12.50 price target on shares of Summit Materials in a research note on Wednesday, November 8th. Bank of America lifted their price target on shares of Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Finally, Citigroup lifted their price target on shares of Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $32.44.
Shares of Summit Materials Inc (NYSE:SUM) opened at $28.79 on Friday. Summit Materials Inc has a one year low of $22.19 and a one year high of $34.06. The stock has a market cap of $3,298.59, a price-to-earnings ratio of 42.53, a P/E/G ratio of 1.91 and a beta of 1.81. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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