Summit Materials, Inc. (NYSE:SUM) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. reduced its position in Summit Materials, Inc. (NYSE:SUM) by 70.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,251 shares of the construction company’s stock after selling 391,828 shares during the period. Federated Hermes Inc. owned approximately 0.09% of Summit Materials worth $5,940,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SUM. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Summit Materials by 10.5% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 17,053 shares of the construction company’s stock valued at $656,000 after acquiring an additional 1,619 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Summit Materials by 17.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock worth $521,000 after buying an additional 1,965 shares during the period. Quadrant Capital Group LLC boosted its position in shares of Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after buying an additional 382 shares during the period. Brown Advisory Inc. purchased a new stake in shares of Summit Materials during the 4th quarter valued at about $360,000. Finally, Norges Bank purchased a new stake in shares of Summit Materials during the 4th quarter valued at about $49,437,000.

Summit Materials Stock Up 0.1 %

NYSE:SUM opened at $39.15 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of 17.48 and a beta of 1.18. Summit Materials, Inc. has a one year low of $29.98 and a one year high of $44.89. The stock has a 50-day simple moving average of $38.71 and a 200 day simple moving average of $39.38.

Summit Materials (NYSE:SUM) last issued its earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business’s revenue was up 58.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.71 EPS. Sell-side analysts predict that Summit Materials, Inc. will post 1.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Stephens reiterated an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Citigroup raised their target price on Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Truist Financial dropped their target price on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials 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.