Geode Capital Management LLC Increases Holdings in Summit Materials, Inc. (NYSE:SUM)

Geode Capital Management LLC lifted its holdings in Summit Materials, Inc. (NYSE:SUM) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,789,212 shares of the construction company’s stock after acquiring an additional 9,566 shares during the period. Geode Capital Management LLC’s holdings in Summit Materials were worth $108,885,000 at the end of the most recent quarter.

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

Summit Materials Stock Performance

SUM stock opened at $50.37 on Thursday. Summit Materials, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49. The business has a 50-day moving average price of $47.54 and a 200 day moving average price of $41.35. The company has a market capitalization of $8.85 billion, a P/E ratio of 61.43 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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 net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The company’s quarterly revenue was up 49.9% compared to the same quarter last year. As a group, equities research analysts forecast that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SUM. Royal Bank of Canada reissued a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Loop Capital reissued a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, StockNews.com assumed coverage on Summit Materials in a report on Friday, December 13th. They set a “sell” rating for the company. 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.54.

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.