Ausbil Investment Management Ltd Lowers Holdings in Summit Materials, Inc. (NYSE:SUM)

Ausbil Investment Management Ltd trimmed its position in shares of Summit Materials, Inc. (NYSE:SUM) by 9.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 21,729 shares of the construction company’s stock after selling 2,234 shares during the quarter. Ausbil Investment Management Ltd’s holdings in Summit Materials were worth $1,109,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Versant Capital Management Inc raised its stake in Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after acquiring an additional 411 shares during the last quarter. Toth Financial Advisory Corp raised its position in shares of Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. KBC Group NV boosted its holdings in Summit Materials by 19.8% in the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after purchasing an additional 629 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Summit Materials by 16.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,717 shares of the construction company’s stock valued at $173,000 after purchasing an additional 680 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently commented on SUM. StockNews.com began coverage on shares of Summit Materials in a research note on Thursday. They set a “sell” rating on the stock. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, 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 research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials presently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Price Performance

Shares of SUM opened at $52.32 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. The stock’s 50 day moving average is $51.29 and its two-hundred day moving average is $44.50. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve month high of $53.49. The firm has a market capitalization of $9.19 billion, a PE ratio of 63.80 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 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. Research analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction 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. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.55% of the stock is currently owned by company insiders.

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.