Charles Schwab Investment Management Inc. Decreases Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Charles Schwab Investment Management Inc. trimmed its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 0.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,747,361 shares of the construction company’s stock after selling 5,632 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.00% of Summit Materials worth $88,416,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norden Group LLC increased its position in shares of Summit Materials by 15.3% during the fourth quarter. Norden Group LLC now owns 20,152 shares of the construction company’s stock valued at $1,020,000 after acquiring an additional 2,669 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $8,278,000. Proficio Capital Partners LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $1,882,000. New York Life Investment Management LLC increased its position in shares of Summit Materials by 1,191.5% during the fourth quarter. New York Life Investment Management LLC now owns 177,499 shares of the construction company’s stock valued at $8,981,000 after acquiring an additional 163,755 shares during the last quarter. Finally, MONECO Advisors LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $249,000.

Analyst Ratings Changes

SUM has been the subject of a number of recent research reports. Loop Capital reissued a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reissued a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Price Performance

Summit Materials stock opened at $52.54 on Tuesday. The firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07. The business has a fifty day moving average price of $52.22 and a 200-day moving average price of $47.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.