Clearbridge Investments LLC Sells 3,845 Shares of Summit Materials, Inc. (NYSE:SUM)

Clearbridge Investments LLC trimmed its position in Summit Materials, Inc. (NYSE:SUM) by 0.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,173,832 shares of the construction company’s stock after selling 3,845 shares during the period. Clearbridge Investments LLC’s holdings in Summit Materials were worth $116,194,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SUM. Hood River Capital Management LLC acquired a new stake in Summit Materials in the 1st quarter valued at approximately $33,206,000. Massachusetts Financial Services Co. MA lifted its position in shares of Summit Materials by 6.6% in the second 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 in the last quarter. Interval Partners LP acquired a new position in Summit Materials during the first quarter worth $18,051,000. Millennium Management LLC increased its stake in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Finally, Troluce Capital Advisors LLC bought a new stake in Summit Materials during the 2nd quarter worth about $10,983,000.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SUM shares. Stifel Nicolaus dropped their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial lowered their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Citigroup boosted their price objective on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Price Performance

Shares of SUM opened at $37.82 on Wednesday. The company’s 50-day moving average is $38.67 and its 200-day moving average is $39.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $6.64 billion, a PE ratio of 16.88 and a beta of 1.18. Summit Materials, Inc. has a fifty-two week low of $30.81 and a fifty-two week high of $44.89.

Summit Materials (NYSE:SUM) last released its quarterly earnings results 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 firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the prior year, the firm earned $0.71 EPS. The business’s revenue was up 58.1% on a year-over-year basis. Equities analysts forecast that Summit Materials, Inc. will post 1.67 EPS for the current 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.