Summit Materials, Inc. (NYSE:SUM) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its stake in shares of Summit Materials, Inc. (NYSE:SUM – Get Rating) by 30.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,343,552 shares of the construction company’s stock after selling 1,497,806 shares during the period. Franklin Resources Inc. owned 2.82% of Summit Materials worth $94,923,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Moody National Bank Trust Division grew its stake in shares of Summit Materials by 2.9% during the 4th quarter. Moody National Bank Trust Division now owns 11,804 shares of the construction company’s stock valued at $335,000 after buying an additional 337 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of Summit Materials by 2.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 13,185 shares of the construction company’s stock valued at $374,000 after buying an additional 344 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Summit Materials by 2.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,302 shares of the construction company’s stock valued at $378,000 after buying an additional 353 shares during the period. Nisa Investment Advisors LLC boosted its position in Summit Materials by 5.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,831 shares of the construction company’s stock worth $197,000 after purchasing an additional 381 shares during the period. Finally, NJ State Employees Deferred Compensation Plan boosted its position in Summit Materials by 1.7% during the 4th quarter. NJ State Employees Deferred Compensation Plan now owns 24,408 shares of the construction company’s stock worth $693,000 after purchasing an additional 408 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SUM. Stephens reaffirmed an “overweight” rating and set a $37.00 price target on shares of Summit Materials in a research report on Thursday, February 16th. StockNews.com began coverage on shares of Summit Materials in a research report on Thursday, May 18th. They set a “hold” rating for the company. JPMorgan Chase & Co. cut shares of Summit Materials from an “overweight” rating to a “neutral” rating in a research report on Friday, March 10th. Barclays upped their price target on shares of Summit Materials from $28.00 to $31.00 in a research report on Friday, May 5th. Finally, Seaport Res Ptn reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Friday, February 10th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.08.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $31.91 on Friday. The firm has a market cap of $3.79 billion, a PE ratio of 13.99 and a beta of 1.41. The firm’s 50-day simple moving average is $28.51 and its 200-day simple moving average is $29.66. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.52 and a current ratio of 3.42. Summit Materials, Inc. has a 1 year low of $21.99 and a 1 year high of $34.40.

Summit Materials (NYSE:SUM – Get Rating) last issued its earnings results on Wednesday, May 3rd. The construction company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.12. The business had revenue of $407.27 million for the quarter, compared to analyst estimates of $396.61 million. Summit Materials had a net margin of 11.36% and a return on equity of 8.28%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.40) EPS. Equities analysts forecast that Summit Materials, Inc. will post 1.46 earnings per share for the current fiscal year.

Summit Materials Profile

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Summit Materials, Inc is a construction materials company. It manufactures construction materials and related downstream products. The firm operates its business through the following segments: Cement, West and East. The Cement consists of its Hannibal, Missouri and Davenport, Iowa cement plants and distribution terminals along the Mississippi river from Minnesota to Louisiana.