Franklin Resources Inc. Purchases New Shares in Summit Materials, Inc. (NYSE:SUM)

Franklin Resources Inc. acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 189,231 shares of the construction company’s stock, valued at approximately $7,359,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SUM. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the period. Ausbil Investment Management Ltd grew its position in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after purchasing an additional 18,706 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Summit Materials by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock valued at $11,230,000 after purchasing an additional 10,463 shares during the period. Thrivent Financial for Lutherans raised its stake in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after purchasing an additional 27,225 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after purchasing an additional 313,957 shares in the last quarter.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of research analyst reports. Loop Capital reiterated a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com started coverage on shares of Summit Materials in a report on Saturday. They set a “sell” rating for the company. DA Davidson upped their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Trading Up 0.3 %

Summit Materials stock opened at $50.50 on Monday. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company’s fifty day moving average price is $48.02 and its two-hundred day moving average price is $41.55. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 61.59 and a beta of 1.14.

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

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.