Summit Materials, Inc. (NYSE:SUM) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its stake in shares of Summit Materials, Inc. (NYSE:SUMFree Report) by 43.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 151,471 shares of the construction company’s stock after selling 117,044 shares during the period. Hsbc Holdings PLC owned about 0.13% of Summit Materials worth $5,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. boosted its position in Summit Materials by 1.2% during the fourth quarter. Franklin Resources Inc. now owns 184,618 shares of the construction company’s stock worth $7,100,000 after purchasing an additional 2,169 shares in the last quarter. Assetmark Inc. boosted its position in Summit Materials by 35.5% during the fourth quarter. Assetmark Inc. now owns 6,803 shares of the construction company’s stock worth $262,000 after purchasing an additional 1,782 shares in the last quarter. Corient Private Wealth LLC purchased a new position in Summit Materials during the fourth quarter worth approximately $676,000. D.A. Davidson & CO. purchased a new position in Summit Materials during the fourth quarter worth approximately $327,000. Finally, Clearbridge Investments LLC boosted its position in Summit Materials by 3.8% during the fourth quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock worth $122,213,000 after purchasing an additional 116,540 shares in the last quarter.

Insiders Place Their Bets

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the completion of the sale, the insider now owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.55% of the stock is owned by insiders.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $37.75 on Wednesday. The business’s 50 day moving average price is $40.38 and its 200 day moving average price is $39.14. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The company has a market cap of $6.62 billion, a price-to-earnings ratio of 16.85 and a beta of 1.27. Summit Materials, Inc. has a one year low of $29.98 and a one year high of $44.89.

Summit Materials (NYSE:SUMGet Free Report) last posted its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.11. The company had revenue of $773.23 million during the quarter, compared to analysts’ expectations of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.26) earnings per share. On average, research analysts predict that Summit Materials, Inc. will post 2.17 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SUM shares. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Wednesday, May 15th. JPMorgan Chase & Co. started coverage on Summit Materials in a research report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price on the stock. Barclays raised their target price on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Finally, Stephens raised their target price on Summit Materials from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.92.

Check Out Our Latest Stock Report on Summit Materials

Summit Materials Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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