Harvey Capital Management Inc. Makes New $1.17 Million Investment in Summit Materials, Inc. (NYSE:SUM)

Harvey Capital Management Inc. bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 30,350 shares of the construction company's stock, valued at approximately $1,167,000.

Several other hedge funds have also recently added to or reduced their stakes in SUM. Vanguard Group Inc. raised its stake in shares of Summit Materials by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company's stock worth $371,353,000 after buying an additional 136,921 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Summit Materials in the 3rd quarter worth $855,000. Oliver Luxxe Assets LLC raised its stake in shares of Summit Materials by 26.2% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 82,361 shares of the construction company's stock worth $2,565,000 after buying an additional 17,101 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Summit Materials by 46.2% in the 3rd quarter. Stifel Financial Corp now owns 79,394 shares of the construction company's stock worth $2,472,000 after buying an additional 25,090 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Summit Materials by 1.5% in the 3rd quarter. Rhumbline Advisers now owns 199,915 shares of the construction company's stock worth $6,225,000 after buying an additional 2,921 shares in the last quarter.

Summit Materials Stock Down 1.3 %

Shares of SUM stock traded down $0.56 on Friday, reaching $41.04. 623,279 shares of the company's stock traded hands, compared to its average volume of 981,019. Summit Materials, Inc. has a 12-month low of $26.18 and a 12-month high of $44.89. The company has a debt-to-equity ratio of 0.99, a quick ratio of 4.62 and a current ratio of 5.36. The company has a market capitalization of $7.15 billion, a P/E ratio of 17.24 and a beta of 1.32. The business's 50 day moving average price is $41.61 and its two-hundred day moving average price is $37.33.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.04. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The business had revenue of $613.13 million for the quarter, compared to the consensus estimate of $560.90 million. During the same quarter in the previous year, the company posted $0.32 earnings per share. Summit Materials's revenue for the quarter was up 19.8% compared to the same quarter last year. On average, equities analysts forecast that Summit Materials, Inc. will post 2.28 earnings per share for the current year.

Analysts Set New Price Targets

SUM has been the topic of a number of research reports. The Goldman Sachs Group boosted their price objective on Summit Materials from $43.00 to $49.00 and gave the stock a "neutral" rating in a research note on Thursday, March 14th. Stephens reaffirmed an "overweight" rating and set a $45.00 target price on shares of Summit Materials in a research report on Tuesday, February 13th. Citigroup boosted their target price on Summit Materials from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, April 5th. Truist Financial boosted their target price on Summit Materials from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Tuesday, April 2nd. Finally, Royal Bank of Canada boosted their target price 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $46.09.

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.