Atria Investments Inc Reduces Stock Position in Summit Materials, Inc. (NYSE:SUM)

Atria Investments Inc trimmed its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,955 shares of the construction company’s stock after selling 451 shares during the period. Atria Investments Inc’s holdings in Summit Materials were worth $271,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the last quarter. Ausbil Investment Management Ltd boosted its position in shares of Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares in the last quarter. Comerica Bank grew its stake in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after acquiring an additional 62,173 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in Summit Materials by 67.6% during the 2nd quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock valued at $9,857,000 after acquiring an additional 108,620 shares in the last quarter.

Summit Materials Trading Up 0.9 %

NYSE SUM opened at $51.64 on Friday. The company has a 50-day moving average of $43.04 and a 200-day moving average of $39.97. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials, Inc. has a 12 month low of $34.37 and a 12 month high of $53.49. The company has a market cap of $9.07 billion, a P/E ratio of 62.98 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. As a group, equities analysts predict that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on SUM shares. Citigroup reduced their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Loop Capital raised their price target on Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Jefferies Financial Group reduced their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. dropped their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $50.38.

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.