Eagle Asset Management Inc. Trims Stock Position in Summit Materials, Inc. (NYSE:SUM)

Eagle Asset Management Inc. cut its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 21.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 830,234 shares of the construction company’s stock after selling 223,557 shares during the quarter. Eagle Asset Management Inc. owned 0.47% of Summit Materials worth $32,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of SUM. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 6.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock worth $263,985,000 after purchasing an additional 448,922 shares during the period. Interval Partners LP purchased a new stake in shares of Summit Materials in the 1st quarter worth about $18,051,000. Millennium Management LLC lifted its position in Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the period.

Summit Materials Stock Performance

SUM opened at $51.64 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12-month low of $34.37 and a 12-month high of $53.49. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 62.98 and a beta of 1.14. The company’s 50 day moving average is $43.04 and its 200 day moving average is $39.97.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SUM shares. Loop Capital lifted their price target on shares of Summit Materials from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada raised their price objective on shares of Summit Materials from $53.00 to $54.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Jefferies Financial Group reduced their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Citigroup reduced their price target on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.38.

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.