Farther Finance Advisors LLC Has $51,000 Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Farther Finance Advisors LLC raised its position in shares of Summit Materials, Inc. (NYSE:SUM) by 275.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,296 shares of the construction company’s stock after buying an additional 951 shares during the period. Farther Finance Advisors LLC’s holdings in Summit Materials were worth $51,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SUM. Hood River Capital Management LLC acquired a new stake in shares of Summit Materials during the first quarter worth approximately $33,206,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after buying an additional 448,922 shares in the last quarter. Interval Partners LP acquired a new stake in shares of Summit Materials during the first quarter worth approximately $18,051,000. Millennium Management LLC increased its holdings in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares in the last quarter. Finally, Troluce Capital Advisors LLC acquired a new stake in shares of Summit Materials during the second quarter worth approximately $10,983,000.

Summit Materials Price Performance

SUM stock opened at $48.71 on Thursday. The company has a 50 day simple moving average of $41.01 and a 200 day simple moving average of $39.43. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 59.76 and a beta of 1.14. Summit Materials, Inc. has a 1 year low of $33.70 and a 1 year high of $51.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue was up 49.9% on a year-over-year basis. Research analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Stephens reissued an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research note on Tuesday, August 6th. StockNews.com raised shares of Summit Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Jefferies Financial Group decreased their price target on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Loop Capital increased their price target on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Moderate Buy” and a consensus target price of $50.38.

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.