Waycross Investment Management Co Trims Stake in Summit Materials, Inc. (NYSE:SUM)

Waycross Investment Management Co lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 8.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,489 shares of the construction company’s stock after selling 3,587 shares during the quarter. Summit Materials comprises 1.3% of Waycross Investment Management Co’s portfolio, making the stock its 22nd biggest holding. Waycross Investment Management Co’s holdings in Summit Materials were worth $1,463,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SUM. Vanguard Group Inc. grew its position in shares of Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after acquiring an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in 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 valued at $263,985,000 after acquiring an additional 448,922 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Summit Materials by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock valued at $237,294,000 after acquiring an additional 64,128 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter.

Summit Materials Price Performance

Shares of SUM remained flat at $37.06 during midday trading on Friday. 703,970 shares of the stock traded hands, compared to its average volume of 944,039. The company’s 50-day moving average is $38.57 and its 200 day moving average is $39.05. The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of 16.54 and a beta of 1.17. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. Summit Materials, Inc. has a 1-year low of $30.83 and a 1-year high of $44.89.

Summit Materials (NYSE:SUM) last announced its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The company’s revenue for the quarter was up 58.1% compared to the same quarter last year. As a group, equities research analysts expect that Summit Materials, Inc. will post 1.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SUM. Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a report on Wednesday, August 7th. Stephens reissued an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial decreased their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Company Profile

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.