Franklin Resources Inc. cut its holdings in Summit Materials, Inc. (NYSE:SUM – Get Rating) by 0.9% during the second quarter, HoldingsChannel reports. The firm owned 3,984,072 shares of the construction company’s stock after selling 34,666 shares during the period. Franklin Resources Inc.’s holdings in Summit Materials were worth $92,789,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in SUM. Ellevest Inc. increased its stake in shares of Summit Materials by 81.7% in the second quarter. Ellevest Inc. now owns 1,214 shares of the construction company’s stock worth $28,000 after purchasing an additional 546 shares during the period. Assetmark Inc. increased its stake in Summit Materials by 271.0% during the second quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock valued at $34,000 after acquiring an additional 1,054 shares during the period. Harbor Investment Advisory LLC increased its stake in Summit Materials by 30.2% during the second quarter. Harbor Investment Advisory LLC now owns 2,503 shares of the construction company’s stock valued at $58,000 after acquiring an additional 580 shares during the period. Wolverine Asset Management LLC bought a new position in Summit Materials during the first quarter valued at about $62,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Summit Materials by 43.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 5,611 shares of the construction company’s stock valued at $174,000 after acquiring an additional 1,713 shares during the period.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Morgan Stanley lowered their price target on Summit Materials from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 13th. Jefferies Financial Group lowered their price target on Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, October 3rd. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 10th. Citigroup boosted their price target on Summit Materials from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, November 8th. Finally, DA Davidson lowered their price objective on Summit Materials from $33.00 to $31.00 in a research note on Wednesday, October 12th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.06.
Summit Materials Stock Up 0.8 %
About Summit Materials
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.
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