Summit Materials, Inc. (NYSE:SUM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,194,716 shares of the construction company’s stock after selling 129,361 shares during the period. Principal Financial Group Inc. owned approximately 2.96% of Summit Materials worth $190,178,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SUM. Norges Bank acquired a new position in Summit Materials during the 4th quarter worth approximately $49,437,000. Massachusetts Financial Services Co. MA increased its position in Summit Materials by 20.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock worth $255,777,000 after purchasing an additional 1,137,500 shares during the period. Hood River Capital Management LLC acquired a new position in Summit Materials during the 1st quarter worth approximately $33,206,000. Interval Partners LP acquired a new position in Summit Materials during the 1st quarter worth approximately $18,051,000. Finally, Vanguard Group Inc. boosted its stake in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares in the last quarter.

Analysts Set New Price Targets

SUM has been the topic of several research analyst reports. Stifel Nicolaus decreased their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Wednesday, May 15th. Citigroup boosted their price target on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Summit Materials Trading Up 1.8 %

Shares of SUM stock traded up $0.70 on Friday, reaching $40.50. 733,658 shares of the stock were exchanged, compared to its average volume of 971,402. The stock has a market cap of $7.11 billion, a P/E ratio of 18.08 and a beta of 1.15. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $38.33 and a two-hundred day moving average of $39.72. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.71 EPS. On average, research analysts anticipate that Summit Materials, Inc. will post 1.73 EPS 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.