First Hawaiian Bank Sells 8,963 Shares of Summit Materials, Inc. (NYSE:SUM)

First Hawaiian Bank cut its stake in Summit Materials, Inc. (NYSE:SUM) by 36.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,401 shares of the construction company’s stock after selling 8,963 shares during the period. First Hawaiian Bank’s holdings in Summit Materials were worth $779,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in shares of Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Summit Materials in the third quarter worth about $28,000. Toth Financial Advisory Corp grew its holdings in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SUM shares. DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. StockNews.com began coverage on shares of Summit Materials in a report on Monday, January 6th. They set a “sell” rating on the stock. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their target price for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, Loop Capital reiterated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Performance

SUM stock opened at $52.10 on Friday. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of 63.54 and a beta of 1.14. The firm has a 50-day simple moving average of $50.41 and a two-hundred day simple moving average of $42.95. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Summit Materials (NYSE:SUM) last released 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. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.55% of the stock is currently owned by insiders.

Summit Materials Company 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.