Summit Materials, Inc. (NYSE:SUM) Shares Purchased by Valmark Advisers Inc.

Valmark Advisers Inc. boosted its position in Summit Materials, Inc. (NYSE:SUM) by 29.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,781 shares of the construction company’s stock after purchasing an additional 5,398 shares during the period. Valmark Advisers Inc.’s holdings in Summit Materials were worth $915,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp acquired a new stake in shares of Summit Materials during the 4th quarter valued at approximately $308,000. Rather & Kittrell Inc. acquired a new stake in shares of Summit Materials during the 4th quarter valued at approximately $231,000. Wolverine Asset Management LLC acquired a new stake in shares of Summit Materials during the 4th quarter valued at approximately $769,000. Linden Thomas Advisory Services LLC lifted its position in shares of Summit Materials by 26.1% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 9,517 shares of the construction company’s stock valued at $366,000 after acquiring an additional 1,968 shares during the period. Finally, Handelsbanken Fonder AB lifted its position in shares of Summit Materials by 29.0% during the 4th quarter. Handelsbanken Fonder AB now owns 12,000 shares of the construction company’s stock valued at $462,000 after acquiring an additional 2,700 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SUM. Truist Financial lifted their price target on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. The Goldman Sachs Group lifted their price target on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Citigroup lifted their price objective 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. assumed coverage on Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. Finally, Royal Bank of Canada lifted their price objective on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $46.09.

Summit Materials Trading Up 1.6 %

SUM stock traded up $0.63 during midday trading on Friday, hitting $40.00. The stock had a trading volume of 536,127 shares, compared to its average volume of 726,811. The firm has a market cap of $6.97 billion, a PE ratio of 16.81 and a beta of 1.32. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. Summit Materials, Inc. has a 12-month low of $26.43 and a 12-month high of $44.89. The company’s 50-day moving average price is $41.86 and its 200 day moving average price is $37.90.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 EPS. On average, equities research analysts predict that Summit Materials, Inc. will post 2.23 earnings per share for the current fiscal 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.