Summit Materials, Inc. (NYSE:SUM) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA lessened its holdings in Summit Materials, Inc. (NYSE:SUMFree Report) by 13.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 391,668 shares of the construction company’s stock after selling 58,295 shares during the quarter. Congress Asset Management Co. MA owned 0.22% of Summit Materials worth $15,064,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC lifted its holdings in shares of Summit Materials by 94.6% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock worth $7,398,000 after purchasing an additional 93,487 shares during the period. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after purchasing an additional 109,985 shares during the period. Harvey Capital Management Inc. acquired a new stake in shares of Summit Materials during the fourth quarter worth about $1,167,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock worth $55,593,000 after purchasing an additional 28,515 shares during the period. Finally, Norges Bank acquired a new stake in shares of Summit Materials during the fourth quarter worth about $49,437,000.

Analyst Ratings Changes

SUM has been the subject of a number of research reports. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price for the company in a report on Wednesday, May 15th. Barclays boosted their price target on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. JPMorgan Chase & Co. initiated coverage on Summit Materials in a report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price target for the company. The Goldman Sachs Group boosted their price target on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Finally, Truist Financial boosted their price target on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average price target of $46.92.

Read Our Latest Report on SUM

Summit Materials Price Performance

Shares of Summit Materials stock traded down $0.23 on Friday, reaching $36.93. The company’s stock had a trading volume of 804,226 shares, compared to its average volume of 819,312. The company has a market capitalization of $6.48 billion, a P/E ratio of 16.49 and a beta of 1.27. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The stock has a 50-day moving average price of $39.45 and a 200-day moving average price of $39.31. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66.

Summit Materials (NYSE:SUMGet Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The business had revenue of $773.23 million during the quarter, compared to analysts’ expectations of $803.98 million. During the same period in the previous year, the business earned ($0.26) earnings per share. The business’s revenue was up 89.9% compared to the same quarter last year. Analysts expect that Summit Materials, Inc. will post 2.1 EPS for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the completion of the sale, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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