Harvey Capital Management Inc. Sells 21,456 Shares of Summit Materials, Inc. (NYSE:SUM)

Harvey Capital Management Inc. trimmed its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 43.7% in the fourth quarter, HoldingsChannel reports. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC acquired a new stake in Summit Materials in the fourth quarter valued at $25,000. V Square Quantitative Management LLC bought a new position in Summit Materials during the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials during the third quarter worth approximately $28,000. Versant Capital Management Inc lifted its position in shares of Summit Materials by 179.2% in the fourth 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 during the last quarter. Finally, Toth Financial Advisory Corp boosted its stake 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 worth $33,000 after acquiring an additional 500 shares during the period.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, 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 legal filing with the SEC, which is available at this link. 0.55% of the stock is currently owned by insiders.

Summit Materials Price Performance

SUM stock opened at $52.54 on Wednesday. The company’s 50-day moving average price is $51.48 and its two-hundred day moving average price is $45.22. 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 quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $54.07.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SUM shares. DA Davidson raised their price target on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. StockNews.com assumed coverage on shares of Summit Materials in a report on Friday, February 7th. They set a “sell” rating for the company. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Loop Capital reaffirmed a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Summit Materials currently has an average rating of “Hold” and an average price target of $50.54.

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.