Franklin Resources Inc. Takes $7.36 Million Position in Summit Materials, Inc. (NYSE:SUM)

Franklin Resources Inc. bought a new position in Summit Materials, Inc. (NYSE:SUM - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 189,231 shares of the construction company's stock, valued at approximately $7,359,000. Franklin Resources Inc. owned 0.11% of Summit Materials at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. River Road Asset Management LLC increased its stake in Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company's stock worth $139,257,000 after buying an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock worth $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Millennium Management LLC increased its position in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company's stock worth $100,817,000 after acquiring an additional 399,072 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company's stock worth $68,419,000 after acquiring an additional 313,957 shares in the last quarter. Finally, Troluce Capital Advisors LLC purchased a new position in Summit Materials in the second quarter valued at about $10,983,000.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the sale, the insider now owns 40,221 shares of the company's stock, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.55% of the company's stock.

Summit Materials Stock Performance

Shares of NYSE:SUM traded up $0.09 during trading on Monday, hitting $50.59. 2,027,937 shares of the company traded hands, compared to its average volume of 1,464,351. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 61.70 and a beta of 1.14. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The business's fifty day moving average is $48.02 and its 200-day moving average is $41.55.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm's revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. As a group, equities analysts predict that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SUM shares. Loop Capital reaffirmed a "hold" rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. StockNews.com started coverage on shares of Summit Materials in a report on Saturday. They issued a "sell" rating on the stock. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They set an "overweight" rating and a $51.00 price objective for the company. Wolfe Research restated a "peer perform" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, DA Davidson increased their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of "Hold" and an average price target of $50.54.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.