Victory Capital Management Inc. lessened its stake in shares of Summit Materials, Inc. (NYSE:SUM – Get Rating) by 20.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,458,760 shares of the construction company’s stock after selling 373,176 shares during the period. Victory Capital Management Inc. owned about 1.23% of Summit Materials worth $34,952,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also bought and sold shares of the company. Great West Life Assurance Co. Can bought a new stake in Summit Materials in the third quarter valued at approximately $153,000. Jennison Associates LLC raised its stake in Summit Materials by 20.7% in the third quarter. Jennison Associates LLC now owns 2,937,316 shares of the construction company’s stock valued at $70,378,000 after buying an additional 503,836 shares during the period. Assetmark Inc. raised its stake in Summit Materials by 35.3% in the third quarter. Assetmark Inc. now owns 1,953 shares of the construction company’s stock valued at $47,000 after buying an additional 510 shares during the period. Raymond James & Associates raised its stake in Summit Materials by 11.5% in the third quarter. Raymond James & Associates now owns 82,111 shares of the construction company’s stock valued at $1,967,000 after buying an additional 8,438 shares during the period. Finally, John G Ullman & Associates Inc. raised its stake in Summit Materials by 11.8% in the third quarter. John G Ullman & Associates Inc. now owns 159,660 shares of the construction company’s stock valued at $3,825,000 after buying an additional 16,910 shares during the period.
Analyst Ratings Changes
Several research firms have issued reports on SUM. Citigroup upped their price objective on Summit Materials from $32.45 to $36.00 in a research note on Tuesday, January 10th. StockNews.com started coverage on Summit Materials in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley upped their target price on Summit Materials from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday. The Goldman Sachs Group decreased their target price on Summit Materials from $28.50 to $24.50 and set a “neutral” rating on the stock in a research report on Friday, October 14th. Finally, Jefferies Financial Group decreased their target price on Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, October 3rd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $33.75.
Summit Materials Trading Up 3.0 %
Summit Materials (NYSE:SUM – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The construction company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). The company had revenue of $686.01 million for the quarter, compared to analyst estimates of $656.77 million. Summit Materials had a return on equity of 7.48% and a net margin of 11.65%. On average, research analysts anticipate that Summit Materials, Inc. will post 1.17 EPS for the current fiscal year.
Summit Materials Dividend Announcement
The firm also recently announced a — dividend, which was paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th were issued a $1.70 dividend. The ex-dividend date was Wednesday, December 14th.
Summit Materials Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
- Get a free copy of the StockNews.com research report on Summit Materials (SUM)
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