JPMorgan Chase & Co. Has $18.48 Million Holdings in Summit Materials, Inc. (NYSE:SUM)

JPMorgan Chase & Co. trimmed its holdings in Summit Materials, Inc. (NYSE:SUM) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 473,508 shares of the construction company’s stock after selling 28,758 shares during the period. JPMorgan Chase & Co.’s holdings in Summit Materials were worth $18,481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Johnson Investment Counsel Inc. lifted its holdings in Summit Materials by 5.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after purchasing an additional 327 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Summit Materials by 6.3% during the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares during the last quarter. Xponance Inc. boosted its holdings in shares of Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares during the period. Toth Financial Advisory Corp grew its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Finally, KBC Group NV grew its stake in Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after buying an additional 629 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Citigroup restated a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, StockNews.com initiated coverage on shares of Summit Materials in a research note on Monday. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $50.54.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the 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 owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.55% of the company’s stock.

Summit Materials Trading Down 0.2 %

Shares of Summit Materials stock opened at $52.05 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12-month low of $34.38 and a 12-month high of $53.49. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 63.48 and a beta of 1.14. The firm’s 50-day moving average price is $50.32 and its two-hundred day moving average price is $42.84.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business posted $0.81 EPS. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. On average, analysts forecast that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Summit Materials Profile

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.