Summit Materials, Inc. (NYSE:SUM) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA reduced its holdings in Summit Materials, Inc. (NYSE:SUM) by 13.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 391,668 shares of the construction company’s stock after selling 58,295 shares during the quarter. Congress Asset Management Co. MA’s holdings in Summit Materials were worth $15,064,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SUM. Norges Bank acquired a new stake in shares of Summit Materials in the 4th quarter valued at approximately $49,437,000. Massachusetts Financial Services Co. MA increased its stake in Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after purchasing an additional 1,137,500 shares in the last quarter. River Road Asset Management LLC increased its stake in Summit Materials by 172.9% in the 3rd quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock valued at $50,369,000 after purchasing an additional 1,024,888 shares in the last quarter. FMR LLC increased its stake in Summit Materials by 22.6% in the 3rd quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock valued at $120,852,000 after purchasing an additional 714,379 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in Summit Materials in the 3rd quarter valued at approximately $9,221,000.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SUM. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a research note on Wednesday, May 15th. Barclays raised their price objective on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Stephens raised their price target on Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Truist Financial raised their price target on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. started coverage on Summit Materials in a research report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price target for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.92.

Summit Materials Trading Down 0.6 %

Shares of NYSE:SUM traded down $0.23 during midday trading on Friday, reaching $36.93. The company’s stock had a trading volume of 804,226 shares, compared to its average volume of 819,312. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 16.49 and a beta of 1.27. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89. The business has a 50 day moving average price of $39.45 and a 200 day moving average price of $39.31.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The business had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The business’s revenue for the quarter was up 89.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.26) earnings per share. Research analysts forecast that Summit Materials, Inc. will post 2.1 EPS for the current 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.