Principal Financial Group Inc. grew its holdings in Summit Materials, Inc. (NYSE:SUM - Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,289,410 shares of the construction company's stock after acquiring an additional 94,694 shares during the period. Principal Financial Group Inc. owned about 3.01% of Summit Materials worth $206,445,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in Summit Materials during the 3rd quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Summit Materials in the 3rd quarter valued at about $28,000. Toth Financial Advisory Corp grew its position in shares of Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock worth $33,000 after buying an additional 500 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock worth $37,000 after buying an additional 913 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Summit Materials during the second quarter worth approximately $40,000.
Wall Street Analyst Weigh In
SUM has been the subject of several analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Citigroup restated a "neutral" rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reaffirmed a "hold" rating and set a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, DA Davidson increased their price objective on Summit Materials from $41.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $50.54.
Check Out Our Latest Stock Analysis on SUM
Summit Materials Stock Performance
Shares of SUM traded up $0.15 during mid-day trading on Friday, reaching $50.50. 4,137,398 shares of the company's stock were exchanged, compared to its average volume of 1,461,711. The business's fifty day simple moving average is $47.79 and its 200-day simple moving average is $41.41. The stock has a market capitalization of $8.87 billion, a PE ratio of 61.59 and a beta of 1.14. Summit Materials, Inc. has a 52-week low of $34.38 and a 52-week high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.
Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) 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 company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period last year, the firm posted $0.81 EPS. Summit Materials's revenue for the quarter was up 49.9% on a year-over-year basis. On average, equities research analysts expect that Summit Materials, Inc. will post 1.66 earnings per share for the current year.
Insider Buying and Selling
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 shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company's stock.
About Summit Materials
(
Free Report)
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.
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