State of New Jersey Common Pension Fund D Sells 24,828 Shares of Summit Materials, Inc. (NYSE:SUM)

State of New Jersey Common Pension Fund D lessened its position in Summit Materials, Inc. (NYSE:SUM - Free Report) by 32.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,859 shares of the construction company's stock after selling 24,828 shares during the period. State of New Jersey Common Pension Fund D's holdings in Summit Materials were worth $1,899,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock valued at $545,561,000 after purchasing an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company's stock valued at $393,871,000 after buying an additional 22,840 shares during the period. Principal Financial Group Inc. increased its stake in shares of 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 valued at $237,294,000 after buying an additional 64,128 shares during the period. Victory Capital Management Inc. raised its position in shares of Summit Materials by 7.0% during the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company's stock worth $134,669,000 after acquiring an additional 241,757 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Summit Materials in the fourth quarter worth approximately $49,437,000.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SUM shares. Truist Financial decreased their target price on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Stifel Nicolaus lowered their target price on shares of Summit Materials from $55.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, July 3rd. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an "overweight" rating and a $51.00 target price on the stock. Stephens reiterated an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Citigroup boosted their price objective on Summit Materials from $44.00 to $47.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. 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 stock. According to MarketBeat, Summit Materials has an average rating of "Moderate Buy" and an average target price of $47.40.

Summit Materials Stock Down 1.0 %

Shares of SUM traded down $0.38 during trading hours on Monday, reaching $38.98. The stock had a trading volume of 1,205,594 shares, compared to its average volume of 972,605. The firm has a 50-day simple moving average of $38.78 and a 200 day simple moving average of $39.30. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18.

Summit Materials (NYSE:SUM - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm earned $0.71 earnings per share. The business's quarterly revenue was up 58.1% compared to the same quarter last year. Equities research analysts predict that Summit Materials, Inc. will post 1.69 earnings per share for the current fiscal year.

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.