Summit Materials, Inc. (NYSE:SUM) Position Lowered by ProShare Advisors LLC

ProShare Advisors LLC reduced its position in Summit Materials, Inc. (NYSE:SUM) by 25.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 16,012 shares of the construction company’s stock after selling 5,467 shares during the period. ProShare Advisors LLC’s holdings in Summit Materials were worth $586,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norden Group LLC boosted its stake in Summit Materials by 1,038.9% in the first quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock valued at $5,427,000 after acquiring an additional 111,069 shares during the period. Vanguard Group Inc. increased its position in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after buying an additional 262,179 shares during the period. Congress Asset Management Co. MA lifted its stake in Summit Materials by 9.2% in the first quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock valued at $19,061,000 after buying an additional 36,004 shares during the last quarter. Cobalt Capital Management Inc. acquired a new position in shares of Summit Materials during the fourth quarter valued at $1,538,000. Finally, The Manufacturers Life Insurance Company grew its position in shares of Summit Materials by 8.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,163,509 shares of the construction company’s stock worth $44,749,000 after acquiring an additional 87,627 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SUM shares. Stephens reissued an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup boosted their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Morgan Stanley began coverage on Summit Materials in a research report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Stifel Nicolaus reduced their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Trading Down 1.3 %

Shares of SUM stock opened at $38.71 on Monday. The stock has a 50-day simple moving average of $38.70 and a 200 day simple moving average of $39.17. The stock has a market capitalization of $6.80 billion, a P/E ratio of 17.28 and a beta of 1.18. Summit Materials, Inc. has a fifty-two week low of $30.38 and a fifty-two week high of $44.89. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 58.1% on a year-over-year basis. On average, sell-side analysts expect that Summit Materials, Inc. will post 1.67 earnings per share for the current fiscal year.

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.