Janus Henderson Group PLC Lowers Holdings in Summit Materials, Inc. (NYSE:SUM)

Janus Henderson Group PLC trimmed its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 13.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,842,725 shares of the construction company’s stock after selling 436,627 shares during the period. Janus Henderson Group PLC owned about 1.62% of Summit Materials worth $126,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Signaturefd LLC boosted its stake in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Parallel Advisors LLC boosted its position in Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares in the last quarter. Register Financial Advisors LLC purchased a new position in shares of Summit Materials in the 1st quarter valued at $45,000. Quadrant Capital Group LLC increased its holdings in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after acquiring an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials in the 1st quarter worth $102,000.

Insiders Place Their Bets

In related news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SUM has been the topic of several analyst reports. 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 note on Wednesday, May 15th. Citigroup cut their price target on shares of Summit Materials from $51.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Royal Bank of Canada boosted their target price on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. Finally, Truist Financial upped their target price on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Stock Performance

Shares of SUM stock traded up $0.31 during mid-day trading on Wednesday, reaching $41.25. The stock had a trading volume of 133,648 shares, compared to its average volume of 970,125. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 18.28 and a beta of 1.15. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66. The business’s fifty day moving average is $37.79 and its 200-day moving average is $39.36.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The company had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. During the same period last year, the firm posted ($0.26) EPS. Summit Materials’s revenue for the quarter was up 89.9% compared to the same quarter last year. On average, research analysts forecast that Summit Materials, Inc. will post 1.82 earnings per share for the current year.

About Summit Materials

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.