Dark Forest Capital Management LP Boosts Holdings in Summit Materials, Inc. (NYSE:SUM)

Dark Forest Capital Management LP raised its position in shares of Summit Materials, Inc. (NYSE:SUM) by 13.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,111 shares of the construction company’s stock after acquiring an additional 863 shares during the period. Dark Forest Capital Management LP’s holdings in Summit Materials were worth $260,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NBW Capital LLC bought a new position in Summit Materials during the 2nd quarter valued at about $1,937,000. Troluce Capital Advisors LLC bought a new position in shares of Summit Materials during the second quarter valued at approximately $10,983,000. Squarepoint Ops LLC purchased a new stake in shares of Summit Materials in the second quarter worth approximately $2,320,000. Aristeia Capital L.L.C. bought a new stake in shares of Summit Materials during the 2nd quarter worth approximately $624,000. Finally, Sagefield Capital LP boosted its holdings in Summit Materials by 25.7% during the 2nd quarter. Sagefield Capital LP now owns 252,094 shares of the construction company’s stock valued at $9,229,000 after acquiring an additional 51,489 shares during the period.

Summit Materials Trading Down 1.3 %

Shares of NYSE SUM opened at $38.71 on Monday. Summit Materials, Inc. has a 1-year low of $30.38 and a 1-year high of $44.89. The business has a fifty day moving average price of $38.70 and a 200 day moving average price of $39.17. The stock has a market capitalization of $6.80 billion, a P/E ratio of 17.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period last year, the business earned $0.71 EPS. The company’s revenue was up 58.1% compared to the same quarter last year. Equities research analysts expect that Summit Materials, Inc. will post 1.67 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on SUM shares. Truist Financial decreased their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Citigroup raised their target price on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Stifel Nicolaus lowered their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Finally, Stephens restated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Company Profile

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.