Summit Materials, Inc. (NYSE:SUM) Shares Sold by Valmark Advisers Inc.

Valmark Advisers Inc. lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 2.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 32,672 shares of the construction company’s stock after selling 808 shares during the quarter. Valmark Advisers Inc.’s holdings in Summit Materials were worth $1,196,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in shares of Summit Materials by 113.7% in the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares in the last quarter. Register Financial Advisors LLC purchased a new stake in Summit Materials during the 1st quarter valued at about $45,000. Quadrant Capital Group LLC raised its holdings in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock valued at $73,000 after acquiring an additional 382 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Summit Materials in the 1st quarter worth approximately $102,000. Finally, TFO Wealth Partners LLC boosted its holdings in shares of Summit Materials by 45,250.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock worth $105,000 after purchasing an additional 2,715 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have recently weighed in on SUM shares. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research report on Wednesday, May 15th. Truist Financial reduced their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Morgan Stanley began coverage on Summit Materials in a research note on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Finally, Citigroup boosted their price target on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Summit Materials Stock Performance

NYSE SUM opened at $40.50 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The company has a market capitalization of $7.11 billion, a P/E ratio of 18.08 and a beta of 1.15. The business has a 50 day moving average price of $38.33 and a 200 day moving average price of $39.74. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. Summit Materials’s quarterly revenue was up 58.1% on a year-over-year basis. Sell-side analysts expect that Summit Materials, Inc. will post 1.69 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.