Summit Materials, Inc. (NYSE:SUM) Stake Raised by KBC Group NV

KBC Group NV raised its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 40.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,335 shares of the construction company’s stock after acquiring an additional 1,528 shares during the quarter. KBC Group NV’s holdings in Summit Materials were worth $270,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. grew its position in Summit Materials by 16.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after purchasing an additional 680 shares in the last quarter. Truist Financial Corp acquired a new stake in shares of Summit Materials during the 2nd quarter valued at $314,000. Sanctuary Advisors LLC purchased a new position in shares of Summit Materials during the 2nd quarter valued at $674,000. SG Americas Securities LLC increased its stake in shares of Summit Materials by 386.3% in the third quarter. SG Americas Securities LLC now owns 14,229 shares of the construction company’s stock worth $555,000 after acquiring an additional 11,303 shares during the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Summit Materials by 10.4% during the third quarter. Inspire Investing LLC now owns 10,607 shares of the construction company’s stock worth $414,000 after acquiring an additional 997 shares in the last quarter.

Summit Materials Price Performance

Shares of SUM stock opened at $52.30 on Tuesday. The company has a market capitalization of $9.18 billion, a P/E ratio of 63.78 and a beta of 1.13. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $53.49. The stock has a 50 day moving average of $51.31 and a two-hundred day moving average of $44.65.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was 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 represents a 3.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SUM. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the company from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a 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. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Materials has a consensus rating of “Hold” and an average price target of $50.54.

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.