Hiddenite Capital Partners LP Decreases Stock Position in Summit Materials, Inc. (NYSE:SUM)

Hiddenite Capital Partners LP reduced its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 51.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 85,000 shares of the construction company’s stock after selling 90,000 shares during the period. Summit Materials accounts for approximately 2.0% of Hiddenite Capital Partners LP’s investment portfolio, making the stock its 14th largest holding. Hiddenite Capital Partners LP’s holdings in Summit Materials were worth $3,269,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its position in shares of Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after acquiring an additional 343 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after purchasing an additional 382 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after buying an additional 399 shares in the last quarter. Janney Capital Management LLC raised its position in shares of Summit Materials by 3.1% in the fourth quarter. Janney Capital Management LLC now owns 13,562 shares of the construction company’s stock valued at $522,000 after buying an additional 402 shares during the last quarter. Finally, Alliance Wealth Advisors LLC UT raised its position in shares of Summit Materials by 3.7% in the fourth quarter. Alliance Wealth Advisors LLC UT now owns 13,131 shares of the construction company’s stock valued at $505,000 after buying an additional 465 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Truist Financial lifted their target price on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Stephens increased their target price on Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. The Goldman Sachs Group lifted their price target on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Royal Bank of Canada upped their price objective on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, May 3rd. Finally, 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.92.

Insider Buying and Selling

In other news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares in the company, valued at approximately $2,437,932.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.55% of the company’s stock.

Summit Materials Stock Down 0.6 %

NYSE SUM traded down $0.23 on Friday, reaching $36.93. The company had a trading volume of 804,225 shares, compared to its average volume of 960,319. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89. The firm has a 50-day moving average of $39.45 and a 200-day moving average of $39.25. The firm has a market capitalization of $6.48 billion, a PE ratio of 16.49 and a beta of 1.27.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The firm had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. Summit Materials’s quarterly revenue was up 89.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.26) EPS. On average, equities research analysts anticipate that Summit Materials, Inc. will post 2.14 EPS 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.