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

Harvey Capital Management Inc. cut its stake in Summit Materials, Inc. (NYSE:SUM) by 43.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Empowered Funds LLC acquired a new stake in shares of Summit Materials in the fourth quarter valued at approximately $25,000. Alliance Wealth Advisors LLC UT increased its stake in shares of Summit Materials by 3.5% in the 4th quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock valued at $924,000 after buying an additional 611 shares during the period. Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of Summit Materials during the fourth quarter worth $4,680,000. Hunter Associates Investment Management LLC lifted its stake in shares of Summit Materials by 1.0% during the fourth quarter. Hunter Associates Investment Management LLC now owns 77,709 shares of the construction company’s stock valued at $3,932,000 after acquiring an additional 746 shares during the period. Finally, R Squared Ltd bought a new position in Summit Materials in the fourth quarter valued at about $57,000.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s 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 sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.55% of the company’s stock.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Wednesday. The stock has a 50 day simple moving average of $51.48 and a 200 day simple moving average of $45.22. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SUM. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Citigroup reiterated a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One 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. According to data from MarketBeat.com, Summit Materials has a consensus rating of “Hold” and an average target price 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.