Arizona State Retirement System Trims Stake in Summit Materials, Inc. (NYSE:SUM)

Arizona State Retirement System lowered its position in Summit Materials, Inc. (NYSE:SUM) by 1.7% during the 4th quarter, HoldingsChannel reports. The fund owned 33,246 shares of the construction company’s stock after selling 588 shares during the period. Arizona State Retirement System’s holdings in Summit Materials were worth $1,279,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Janney Capital Management LLC boosted its holdings in shares of Summit Materials by 2.7% in the 3rd quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company’s stock valued at $410,000 after buying an additional 350 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Summit Materials by 1.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 22,577 shares of the construction company’s stock worth $641,000 after purchasing an additional 377 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its stake in Summit Materials by 5.9% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 7,413 shares of the construction company’s stock worth $210,000 after purchasing an additional 415 shares in the last quarter. Benjamin Edwards Inc. boosted its stake in Summit Materials by 81.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock worth $36,000 after purchasing an additional 421 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Summit Materials by 18.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,091 shares of the construction company’s stock worth $88,000 after purchasing an additional 473 shares in the last quarter.

Summit Materials Price Performance

NYSE:SUM opened at $41.03 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The firm has a market cap of $7.15 billion, a price-to-earnings ratio of 17.24 and a beta of 1.32. The company has a 50 day moving average price of $41.61 and a 200-day moving average price of $37.43. Summit Materials, Inc. has a 1-year low of $26.18 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.04. The firm had revenue of $613.13 million during the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Equities research analysts forecast that Summit Materials, Inc. will post 2.28 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently commented on SUM. Barclays lifted their target price on shares of Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Stephens reiterated an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. Truist Financial raised their price target on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target for the company. Finally, Royal Bank of Canada raised their price target on shares of Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.09.

About Summit Materials

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.