Commonwealth Equity Services LLC trimmed its stake in Summit Materials, Inc. (NYSE:SUM – Get Rating) by 19.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,636 shares of the construction company’s stock after selling 17,196 shares during the period. Commonwealth Equity Services LLC owned about 0.06% of Summit Materials worth $2,193,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of SUM. Allspring Global Investments Holdings LLC acquired a new stake in Summit Materials in the 4th quarter worth $1,370,000. Xponance Inc. acquired a new stake in Summit Materials in the 4th quarter worth $226,000. Oppenheimer & Co. Inc. acquired a new stake in Summit Materials in the 4th quarter worth $201,000. Banque Pictet & Cie SA acquired a new stake in Summit Materials in the 4th quarter worth $208,000. Finally, New York State Common Retirement Fund grew its position in Summit Materials by 31.3% in the 4th quarter. New York State Common Retirement Fund now owns 110,682 shares of the construction company’s stock worth $4,443,000 after purchasing an additional 26,367 shares during the last quarter.
Analysts Set New Price Targets
SUM has been the topic of several recent research reports. TheStreet lowered shares of Summit Materials from a “b-” rating to a “c+” rating in a research report on Friday, July 8th. DA Davidson lifted their target price on shares of Summit Materials to $33.00 in a research report on Tuesday. The Goldman Sachs Group decreased their target price on shares of Summit Materials from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, June 23rd. Morgan Stanley lifted their target price on shares of Summit Materials from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Citigroup lifted their target price on shares of Summit Materials to $35.00 in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $32.29.
Summit Materials Trading Down 1.8%
Shares of SUM stock opened at $30.29 on Wednesday. Summit Materials, Inc. has a 12-month low of $21.99 and a 12-month high of $41.46. The company has a market capitalization of $3.58 billion, a P/E ratio of 13.17 and a beta of 1.37. The company has a quick ratio of 1.94, a current ratio of 2.55 and a debt-to-equity ratio of 0.91. The firm has a 50-day moving average price of $25.47 and a 200-day moving average price of $28.72.
Summit Materials Profile
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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.
further reading
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