Commonwealth Equity Services LLC Acquires 8,313 Shares of Summit Materials, Inc. (NYSE:SUM)

Commonwealth Equity Services LLC increased its position in Summit Materials, Inc. (NYSE:SUM) by 22.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,935 shares of the construction company’s stock after purchasing an additional 8,313 shares during the period. Commonwealth Equity Services LLC’s holdings in Summit Materials were worth $2,047,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Summit Materials by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 11,978,367 shares of the construction company’s stock worth $460,688,000 after purchasing an additional 53,079 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Summit Materials by 20.6% in the fourth 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. Principal Financial Group Inc. grew its stake in Summit Materials by 1.2% in the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after purchasing an additional 64,128 shares during the period. Clearbridge Investments LLC grew its stake in Summit Materials by 3.8% in the fourth quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock worth $122,213,000 after purchasing an additional 116,540 shares during the period. Finally, River Road Asset Management LLC grew its stake in Summit Materials by 6.8% in the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after purchasing an additional 109,985 shares during the period.

Summit Materials Stock Performance

SUM stock traded down $0.13 during trading on Friday, reaching $36.05. The stock had a trading volume of 459,493 shares, compared to its average volume of 966,799. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The stock’s 50 day moving average is $38.35 and its two-hundred day moving average is $39.25. 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 firm has a market cap of $6.33 billion, a PE ratio of 16.09 and a beta of 1.15.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The company had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. During the same quarter in the prior year, the company earned ($0.26) earnings per share. Summit Materials’s revenue was up 89.9% on a year-over-year basis. As a group, equities analysts anticipate that Summit Materials, Inc. will post 1.82 earnings per share for the current year.

Insider Transactions at Summit Materials

In other 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 value of $2,034,183.69. Following the transaction, the insider now owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SUM shares. Royal Bank of Canada increased 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. StockNews.com cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Stephens increased their target price on Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Stifel Nicolaus cut their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Truist Financial increased their target price on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.08.

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.