Algert Global LLC Sells 48,240 Shares of Summit Materials, Inc. (NYSE:SUM)

Algert Global LLC lessened its holdings in Summit Materials, Inc. (NYSE:SUM) by 39.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 73,394 shares of the construction company’s stock after selling 48,240 shares during the period. Algert Global LLC’s holdings in Summit Materials were worth $2,865,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC increased its holdings in shares of Summit Materials by 38.9% in the first quarter. Silvercrest Asset Management Group LLC now owns 147,375 shares of the construction company’s stock valued at $6,569,000 after purchasing an additional 41,281 shares during the last quarter. Bayesian Capital Management LP bought a new position in Summit Materials in the 1st quarter valued at about $726,000. Comerica Bank lifted its position in Summit Materials by 215.3% during the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after acquiring an additional 62,173 shares during the last quarter. American Trust boosted its holdings in shares of Summit Materials by 8.6% during the first quarter. American Trust now owns 7,026 shares of the construction company’s stock worth $313,000 after acquiring an additional 557 shares during the period. Finally, First Hawaiian Bank grew its position in shares of Summit Materials by 4.8% in the second quarter. First Hawaiian Bank now owns 16,815 shares of the construction company’s stock valued at $616,000 after purchasing an additional 768 shares during the last quarter.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a report on Tuesday. DA Davidson lifted their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Morgan Stanley assumed coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Citigroup reissued a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Summit Materials has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Trading Up 0.2 %

Shares of SUM stock opened at $50.85 on Wednesday. Summit Materials, Inc. has a fifty-two week low of $34.38 and a fifty-two week high of $53.49. The stock’s fifty day moving average price is $43.52 and its two-hundred day moving average price is $40.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a market cap of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s revenue was up 49.9% compared to the same quarter last year. During the same period last year, the firm posted $0.81 earnings per share. Equities analysts predict that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Summit Materials Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.