Summit Materials, Inc. (NYSE:SUM) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC decreased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 4.8% during the fourth quarter, HoldingsChannel reports. The firm owned 7,937 shares of the construction company’s stock after selling 400 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Summit Materials were worth $305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in SUM. JPMorgan Chase & Co. increased its position in shares of Summit Materials by 10.3% in the 1st quarter. JPMorgan Chase & Co. now owns 140,394 shares of the construction company’s stock valued at $4,361,000 after acquiring an additional 13,146 shares during the period. Raymond James & Associates raised its stake in shares of Summit Materials by 7.5% in the first quarter. Raymond James & Associates now owns 87,697 shares of the construction company’s stock worth $2,724,000 after purchasing an additional 6,154 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Summit Materials by 234.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 46,845 shares of the construction company’s stock worth $1,455,000 after purchasing an additional 32,858 shares during the period. Private Advisor Group LLC boosted its position in Summit Materials by 8.0% in the first quarter. Private Advisor Group LLC now owns 11,654 shares of the construction company’s stock valued at $362,000 after buying an additional 866 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in Summit Materials by 19.4% in the 1st quarter. Bank of Montreal Can now owns 11,550 shares of the construction company’s stock worth $366,000 after buying an additional 1,876 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group upped their price target on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Stephens reaffirmed an “overweight” rating and set a $45.00 price target on shares of Summit Materials in a research report on Tuesday, February 13th. Barclays boosted their price objective on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Finally, JPMorgan Chase & Co. began coverage on Summit Materials in a report on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price on the stock. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.09.

Summit Materials Price Performance

NYSE:SUM opened at $38.47 on Friday. The stock has a market capitalization of $6.70 billion, a PE ratio of 16.16 and a beta of 1.32. Summit Materials, Inc. has a 52 week low of $26.18 and a 52 week high of $44.89. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. The stock’s 50-day moving average price is $41.80 and its 200-day moving average price is $37.57.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.27 by $0.04. The company had revenue of $613.13 million for the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. Summit Materials’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company earned $0.32 earnings per share. As a group, equities analysts expect that Summit Materials, Inc. will post 2.28 EPS for the current fiscal year.

Summit Materials Company 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.