Summit Materials, Inc. (NYSE:SUM) Shares Sold by Steward Partners Investment Advisory LLC (2024)

Steward Partners Investment Advisory LLC cut its holdings in Summit Materials, Inc. (NYSE:SUM – Free Report) by 2.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 19,336 shares of the construction company’s stock after selling 407 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Summit Materials were worth $744,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of SUM. Signaturefd LLC boosted its holdings in shares of Summit Materials by 110.3% in the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after buying an additional 343 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after buying an additional 399 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Summit Materials in the 3rd quarter valued at about $54,000. Quadrant Capital Group LLC boosted its holdings in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after buying an additional 382 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Summit Materials in the 3rd quarter valued at about $77,000.

Summit Materials Stock Down 1.8 %

SUM stock opened at $37.75 on Wednesday. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 16.85 and a beta of 1.27. The firm’s 50-day moving average is $40.38 and its two-hundred day moving average is $39.14. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66.

Summit Materials (NYSE:SUM – Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The company had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. During the same period in the previous year, the firm earned ($0.26) EPS. Summit Materials’s revenue was up 89.9% on a year-over-year basis. On average, analysts forecast that Summit Materials, Inc. will post 2.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Jason Kilgore sold 50,589 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the sale, the insider now directly owns 60,630 shares in the company, valued at approximately $2,437,932.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Royal Bank of Canada boosted their target price on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research note on Friday, May 3rd. Stephens boosted their target price on shares of Summit Materials from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. assumed coverage on shares of Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price for the company. Finally, StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and an average price target of $46.92.

Read Our Latest Research Report on SUM

About Summit Materials

(Free Report)

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.

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Want to see what other hedge funds are holding SUM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Materials, Inc. (NYSE:SUM – Free Report).

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