Summit Materials, Inc. (NYSE:SUM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in Summit Materials, Inc. (NYSE:SUM) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,447 shares of the construction company’s stock after selling 33,325 shares during the period. Bank of New York Mellon Corp owned 0.38% of Summit Materials worth $33,621,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its stake in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the last quarter. Assetmark Inc. lifted its holdings in Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after purchasing an additional 411 shares during the period. Empowered Funds LLC acquired a new stake in Summit Materials in the 4th quarter valued at about $25,000. Alliance Wealth Advisors LLC UT lifted its holdings in Summit Materials by 3.5% in the 4th quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock valued at $924,000 after acquiring an additional 611 shares during the last quarter. Finally, KBC Group NV lifted its stake in Summit Materials by 19.8% during the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after buying an additional 629 shares in the last quarter.

Insiders Place Their Bets

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.55% of the company’s stock.

Summit Materials Price Performance

Shares of SUM stock opened at $52.54 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 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 $54.07. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The stock has a 50-day moving average price of $52.18 and a 200 day moving average price of $46.92.

Analyst Ratings Changes

SUM has been the subject of a number of analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Citigroup reaffirmed 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. Finally, Loop Capital reiterated a “hold” rating and set a $52.50 price objective (down from $54.00) 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 assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.54.

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.