PNC Financial Services Group Inc. Decreases Stock Position in Summit Materials, Inc. (NYSE:SUM)

PNC Financial Services Group Inc. trimmed its position in Summit Materials, Inc. (NYSE:SUM) by 37.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,276 shares of the construction company’s stock after selling 5,666 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Summit Materials were worth $357,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC raised its holdings in shares of Summit Materials by 94.6% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock worth $7,398,000 after acquiring an additional 93,487 shares in the last quarter. River Road Asset Management LLC lifted its position in 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 valued at $66,439,000 after purchasing an additional 109,985 shares during the last quarter. Harvey Capital Management Inc. bought a new stake in shares of Summit Materials in the 4th quarter worth about $1,167,000. Charles Schwab Investment Management Inc. raised its position in shares of Summit Materials by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock valued at $55,593,000 after buying an additional 28,515 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Summit Materials in the 4th quarter valued at about $49,437,000.

Summit Materials Stock Up 0.7 %

Shares of Summit Materials stock opened at $36.61 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 16.34 and a beta of 1.27. The firm’s 50-day moving average is $38.61 and its two-hundred day moving average is $39.32. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.11. The company had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. Summit Materials’s revenue was up 89.9% compared to the same quarter last year. During the same period last year, the company posted ($0.26) earnings per share. As a group, research analysts expect that Summit Materials, Inc. will post 1.85 earnings per share for the current fiscal year.

Insider Transactions at Summit Materials

In related news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SUM. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. The Goldman Sachs Group lifted their price target on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, March 14th. Royal Bank of Canada raised their price objective on shares of Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Wednesday, May 15th. Finally, Barclays raised their price target on Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.92.

Summit Materials 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.