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

PNC Financial Services Group Inc. reduced its position in Summit Materials, Inc. (NYSE:SUM) by 39.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,861 shares of the construction company’s stock after selling 5,711 shares during the period. PNC Financial Services Group Inc.’s holdings in Summit Materials were worth $448,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SUM. KBC Group NV raised its holdings in Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after acquiring an additional 629 shares during the last quarter. Natixis Advisors LLC raised its holdings in Summit Materials by 35.0% in the 3rd quarter. Natixis Advisors LLC now owns 28,070 shares of the construction company’s stock worth $1,096,000 after acquiring an additional 7,282 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the last quarter. Segall Bryant & Hamill LLC raised its holdings in Summit Materials by 6.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after acquiring an additional 94,177 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in Summit Materials in the 3rd quarter worth approximately $650,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on SUM. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. StockNews.com began coverage on shares of Summit Materials in a research report on Wednesday. They issued a “sell” rating for the company. Finally, Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $50.67.

Summit Materials Trading Up 0.2 %

Shares of SUM stock opened at $52.54 on Thursday. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The firm has a fifty day moving average price of $52.41 and a 200-day moving average price of $47.70. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Summit Materials Profile

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.