State Street Corp Has $108.08 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

State Street Corp lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 0.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,769,174 shares of the construction company’s stock after selling 6,333 shares during the period. State Street Corp owned approximately 1.58% of Summit Materials worth $108,081,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Raymond James & Associates grew its position in shares of Summit Materials by 67.6% in the second quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock valued at $9,857,000 after purchasing an additional 108,620 shares during the last quarter. Fifth Third Bancorp boosted its stake in Summit Materials by 501.5% in the 2nd quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock valued at $313,000 after purchasing an additional 7,132 shares during the period. Bank of New York Mellon Corp grew its holdings in Summit Materials by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock valued at $29,672,000 after buying an additional 24,146 shares in the last quarter. Amica Mutual Insurance Co. increased its position in Summit Materials by 10.4% during the 2nd quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock worth $1,494,000 after buying an additional 3,846 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Summit Materials during the second quarter worth $5,555,000.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.55% of the company’s stock.

Summit Materials Price Performance

Shares of SUM stock opened at $50.78 on Monday. Summit Materials, Inc. has a twelve month low of $34.38 and a twelve month high of $53.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $46.73 and a 200 day simple moving average of $41.12. The company has a market cap of $8.92 billion, a P/E ratio of 61.93 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. On average, sell-side analysts forecast that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SUM has been the topic of several research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.81.

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.