JPMorgan Chase & Co. Has $18.48 Million Stake in Summit Materials, Inc. (NYSE:SUM)

JPMorgan Chase & Co. reduced its holdings in Summit Materials, Inc. (NYSE:SUM) by 5.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 473,508 shares of the construction company’s stock after selling 28,758 shares during the period. JPMorgan Chase & Co. owned approximately 0.27% of Summit Materials worth $18,481,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials during the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials in the third quarter valued at about $28,000. Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the period. International Assets Investment Management LLC lifted its stake in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares during the period. Finally, Quest Partners LLC bought a new position in Summit Materials during the second quarter worth about $40,000.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $52.50 in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Down 0.2 %

NYSE SUM opened at $52.05 on Friday. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 63.48 and a beta of 1.14. Summit Materials, Inc. has a 52 week low of $34.38 and a 52 week high of $53.49. The stock’s 50 day moving average price is $50.32 and its two-hundred day moving average price is $42.84. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last announced its 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. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm’s revenue was up 49.9% on a year-over-year basis. As a group, analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Summit Materials Company 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.