World Investment Advisors LLC Takes $457,000 Position in Summit Materials, Inc. (NYSE:SUM)

World Investment Advisors LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 11,709 shares of the construction company's stock, valued at approximately $457,000.

Several other institutional investors and hedge funds have also bought and sold shares of SUM. Sanctuary Advisors LLC grew its position in Summit Materials by 50.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company's stock valued at $991,000 after purchasing an additional 8,559 shares during the period. Geode Capital Management LLC increased its position in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock worth $108,885,000 after acquiring an additional 9,566 shares in the last quarter. Barclays PLC raised its holdings in shares of Summit Materials by 222.4% in the 3rd quarter. Barclays PLC now owns 211,442 shares of the construction company's stock worth $8,252,000 after acquiring an additional 145,858 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Summit Materials in the third quarter valued at approximately $838,000. Finally, iA Global Asset Management Inc. purchased a new position in Summit Materials during the 3rd quarter worth $313,000.

Summit Materials Trading Down 0.8 %

NYSE SUM traded down $0.40 on Wednesday, hitting $50.37. The company's stock had a trading volume of 7,625,228 shares, compared to its average volume of 1,434,755. The firm has a market cap of $8.85 billion, a P/E ratio of 61.43 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's 50-day simple moving average is $47.54 and its 200 day simple moving average is $41.35. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

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 analysts' consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for 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 business's revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 EPS. Research analysts predict that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SUM has been the subject of several research analyst reports. Citigroup reaffirmed a "neutral" rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial reissued a "hold" rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 price target for the company. Finally, Longbow Research reiterated a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $50.54.

About Summit Materials

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.