ProShare Advisors LLC Cuts Position in Summit Materials, Inc. (NYSE:SUM)

ProShare Advisors LLC lowered its holdings in Summit Materials, Inc. (NYSE:SUM) by 25.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,012 shares of the construction company’s stock after selling 5,467 shares during the quarter. ProShare Advisors LLC’s holdings in Summit Materials were worth $586,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Parallel Advisors LLC grew 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 worth $29,000 after acquiring an additional 399 shares during the period. Quest Partners LLC acquired a new stake in Summit Materials in the second quarter valued at $40,000. Register Financial Advisors LLC purchased a new position in shares of Summit Materials in the first quarter valued at $45,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Summit Materials during the 1st quarter worth $102,000. Finally, TFO Wealth Partners LLC boosted its position in shares of Summit Materials by 45,250.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock worth $105,000 after buying an additional 2,715 shares in the last quarter.

Summit Materials Stock Down 1.3 %

Shares of NYSE:SUM opened at $38.71 on Monday. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 17.28 and a beta of 1.18. The stock’s 50-day moving average price is $38.70 and its two-hundred day moving average price is $39.17. Summit Materials, Inc. has a 12-month low of $30.38 and a 12-month high of $44.89.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. Summit Materials’s 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 earnings per share. On average, research analysts forecast that Summit Materials, Inc. will post 1.67 EPS for the current year.

Analysts Set New Price Targets

SUM has been the subject of several recent research reports. Stifel Nicolaus dropped their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Truist Financial dropped their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Stephens reaffirmed an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Morgan Stanley started coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

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.