Campbell & CO Investment Adviser LLC Sells 65,984 Shares of Summit Materials, Inc. (NYSE:SUM)

Campbell & CO Investment Adviser LLC lowered its position in Summit Materials, Inc. (NYSE:SUM) by 85.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,007 shares of the construction company’s stock after selling 65,984 shares during the quarter. Campbell & CO Investment Adviser LLC’s holdings in Summit Materials were worth $423,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Knights of Columbus Asset Advisors LLC grew its stake in Summit Materials by 94.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock worth $7,398,000 after purchasing an additional 93,487 shares in the last quarter. River Road Asset Management LLC lifted its holdings in Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after buying an additional 109,985 shares during the period. Harvey Capital Management Inc. purchased a new stake in Summit Materials during the fourth quarter worth $1,167,000. Charles Schwab Investment Management Inc. lifted its holdings in Summit Materials by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock worth $55,593,000 after buying an additional 28,515 shares during the period. Finally, Norges Bank purchased a new stake in Summit Materials during the fourth quarter worth $49,437,000.

Analysts Set New Price Targets

A number of analysts have weighed in on SUM shares. JPMorgan Chase & Co. started coverage on Summit Materials in a report on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price for the company. Stephens increased their price objective on Summit Materials from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Barclays increased their price objective on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective for the company in a report on Wednesday, May 15th. Finally, StockNews.com lowered Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.92.

Summit Materials Stock Performance

Shares of SUM stock opened at $37.52 on Tuesday. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of 16.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93. The business has a fifty day moving average of $39.89 and a 200 day moving average of $39.25. Summit Materials, Inc. has a 1 year low of $29.98 and a 1 year high of $44.89.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. The company had revenue of $773.23 million during the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm’s quarterly revenue was up 89.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.26) EPS. As a group, research analysts expect that Summit Materials, Inc. will post 2.14 earnings per share for the current year.

Insiders Place Their Bets

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the sale, the insider now directly owns 60,630 shares of the company’s stock, valued at approximately $2,437,932.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

About Summit Materials

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.