JPMorgan Chase & Co. Sells 28,758 Shares of Summit Materials, Inc. (NYSE:SUM)

JPMorgan Chase & Co. lessened its stake in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 473,508 shares of the construction company's stock after selling 28,758 shares during the period. JPMorgan Chase & Co. owned 0.27% of Summit Materials worth $18,481,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new position in Summit Materials in the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Summit Materials in the third quarter valued at about $28,000. Toth Financial Advisory Corp increased its stake in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC increased its stake in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock worth $37,000 after purchasing an additional 913 shares during the period. Finally, Quest Partners LLC acquired a new position in shares of Summit Materials during the 2nd quarter worth about $40,000.

Summit Materials Price Performance

NYSE:SUM traded up $0.06 during trading hours on Friday, reaching $52.10. The company had a trading volume of 4,367,991 shares, compared to its average volume of 5,707,332. 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 stock has a 50-day moving average of $50.41 and a two-hundred day moving average of $42.95. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The firm has a market capitalization of $9.15 billion, a PE ratio of 63.54 and a beta of 1.14.

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

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.55% of the company's stock.

Wall Street Analysts Forecast Growth

SUM has been the topic of several recent analyst reports. Citigroup reaffirmed a "neutral" rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson boosted their target price 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. Wolfe Research reissued a "peer perform" rating on shares of Summit Materials in a report on Tuesday, November 26th. Jefferies Financial Group downgraded shares of Summit Materials from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Finally, Barclays raised shares of Summit Materials from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Summit Materials presently has an average rating of "Hold" and a consensus 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.