Granite Investment Partners LLC Invests $4.21 Million in Summit Materials, Inc. (NYSE:SUM)

Granite Investment Partners LLC purchased a new stake in Summit Materials, Inc. (NYSE:SUM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 115,018 shares of the construction company's stock, valued at approximately $4,211,000. Granite Investment Partners LLC owned about 0.07% of Summit Materials at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Summit Materials in the fourth quarter valued at approximately $49,437,000. Hood River Capital Management LLC bought a new position in Summit Materials in the 1st quarter valued at $33,206,000. Massachusetts Financial Services Co. MA grew its stake in Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock valued at $263,985,000 after purchasing an additional 448,922 shares during the period. Interval Partners LP purchased a new stake in shares of Summit Materials during the 1st quarter valued at $18,051,000. Finally, Vanguard Group Inc. raised its stake in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock worth $545,561,000 after purchasing an additional 262,179 shares during the period.

Summit Materials Price Performance

SUM traded down $0.92 during trading on Friday, reaching $39.36. 1,974,102 shares of the company were exchanged, compared to its average volume of 971,325. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. The company's 50-day moving average is $38.78 and its two-hundred day moving average is $39.32.

Summit Materials (NYSE:SUM - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS 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 company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business earned $0.71 earnings per share. Summit Materials's revenue was up 58.1% compared to the same quarter last year. Research analysts forecast that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SUM. Stephens restated an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Citigroup increased their target price on shares of Summit Materials from $44.00 to $47.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. Stifel Nicolaus reduced their price objective 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, Morgan Stanley assumed coverage on Summit Materials in a research note on Monday, August 26th. They issued an "overweight" rating and a $51.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.40.

Summit Materials 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.