Dynamic Technology Lab Private Ltd Sells 2,814 Shares of Summit Materials, Inc. (NYSE:SUM)

Dynamic Technology Lab Private Ltd cut its position in shares of Summit Materials, Inc. (NYSE:SUM) by 14.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,234 shares of the construction company’s stock after selling 2,814 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Summit Materials were worth $663,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SUM. Knights of Columbus Asset Advisors LLC boosted its holdings in Summit Materials by 94.6% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock valued at $7,398,000 after acquiring an additional 93,487 shares during the period. River Road Asset Management LLC boosted its stake in shares of Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock valued at $66,439,000 after purchasing an additional 109,985 shares during the period. Harvey Capital Management Inc. purchased a new position in Summit Materials in the 4th quarter worth about $1,167,000. Charles Schwab Investment Management Inc. increased its stake in Summit Materials by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock worth $55,593,000 after buying an additional 28,515 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Summit Materials by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock valued at $371,353,000 after buying an additional 136,921 shares in the last quarter.

Summit Materials Stock Down 1.7 %

Shares of Summit Materials stock opened at $38.69 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66. The company has a market cap of $6.79 billion, a P/E ratio of 17.27 and a beta of 1.34. The firm’s 50 day moving average price is $40.99 and its 200-day moving average price is $38.80. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The company had revenue of $773.23 million during the quarter, compared to analysts’ expectations of $803.98 million. During the same period last year, the business posted ($0.26) earnings per share. The firm’s revenue was up 89.9% compared to the same quarter last year. On average, sell-side analysts predict that Summit Materials, Inc. will post 2.17 EPS for the current fiscal year.

Insider Activity at Summit Materials

In other news, insider Jason Kilgore sold 50,589 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the sale, the insider now directly owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SUM shares. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Wednesday, May 15th. Royal Bank of Canada lifted their target price on Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research report on Friday, May 3rd. Truist Financial increased 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. Citigroup lifted their price objective on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.92.

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.