Summit Materials, Inc. (NYSE:SUM) Shares Sold by US Bancorp DE

US Bancorp DE cut its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 8.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,757 shares of the construction company’s stock after selling 1,080 shares during the period. US Bancorp DE’s holdings in Summit Materials were worth $459,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after buying an additional 262,179 shares during the period. Ausbil Investment Management Ltd increased its position in Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 shares during the last quarter. Sei Investments Co. increased its position in Summit Materials by 20.7% in the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock worth $20,331,000 after purchasing an additional 78,111 shares during the last quarter. Comerica Bank increased its position in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after purchasing an additional 62,173 shares during the last quarter. Finally, Raymond James & Associates increased its position in Summit Materials by 67.6% in the 2nd quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock worth $9,857,000 after purchasing an additional 108,620 shares during the last quarter.

Summit Materials Price Performance

Shares of SUM stock opened at $50.11 on Tuesday. The stock has a 50 day moving average of $40.59 and a two-hundred day moving average of $39.29. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $33.17 and a 12 month high of $51.74. The company has a market capitalization of $8.80 billion, a P/E ratio of 61.48 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter last year, the company earned $0.81 EPS. The company’s quarterly revenue was up 49.9% on a year-over-year basis. As a group, equities analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on SUM shares. Truist Financial upped their target price on Summit Materials from $47.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Loop Capital upped their price target on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Citigroup decreased their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Summit Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.38.

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.