Harvey Capital Management Inc. Reduces Position in Summit Materials, Inc. (NYSE:SUM)

Harvey Capital Management Inc. lessened its stake in Summit Materials, Inc. (NYSE:SUM - Free Report) by 43.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,592 shares of the construction company's stock after selling 21,456 shares during the period. Harvey Capital Management Inc.'s holdings in Summit Materials were worth $1,396,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SUM. Empowered Funds LLC bought a new stake in shares of Summit Materials during the 4th quarter valued at $25,000. V Square Quantitative Management LLC purchased a new stake in Summit Materials in the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the 3rd quarter valued at about $28,000. Versant Capital Management Inc raised its position in shares of Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company's stock valued at $28,000 after buying an additional 353 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock valued at $33,000 after buying an additional 500 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts recently commented on SUM shares. Stephens downgraded shares of Summit Materials from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Loop Capital reiterated a "hold" rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays upgraded shares of Summit Materials from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Royal Bank of Canada reissued a "sector perform" rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Summit Materials has a consensus rating of "Hold" and a consensus target price of $50.54.

Summit Materials Stock Performance

SUM stock traded up $0.09 during midday trading on Friday, hitting $52.54. 4,694,636 shares of the stock traded hands, compared to its average volume of 2,756,030. The firm has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The stock's fifty day simple moving average is $51.59 and its 200-day simple moving average is $45.41. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07.

Insider Activity at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company's stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is owned by company insiders.

Summit Materials Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.