Thrivent Financial for Lutherans Has $25.80 Million Stock Position in Summit Materials, Inc. (NYSE:SUM)

Thrivent Financial for Lutherans reduced its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 9.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 704,770 shares of the construction company’s stock after selling 77,216 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.40% of Summit Materials worth $25,801,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SUM. Vanguard Group Inc. grew its position in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after acquiring an additional 22,840 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after acquiring an additional 448,922 shares in the last quarter. Principal Financial Group Inc. boosted its position in Summit Materials by 1.2% during the first quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock valued at $237,294,000 after purchasing an additional 64,128 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Citigroup upped their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 target price on shares of Summit Materials in a research note on Wednesday, August 7th. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Stifel Nicolaus dropped their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Finally, Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Trading Down 1.0 %

Shares of Summit Materials stock opened at $38.98 on Tuesday. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a 50-day moving average of $38.78 and a 200-day moving average of $39.27. The stock has a market cap of $6.84 billion, a PE ratio of 17.40 and a beta of 1.18.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. As a group, sell-side analysts forecast that Summit Materials, Inc. will post 1.69 EPS for the current year.

Summit Materials Company 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.