Summit Materials, Inc. (NYSE:SUM) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its holdings in Summit Materials, Inc. (NYSE:SUM) by 32.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 51,859 shares of the construction company’s stock after selling 24,828 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Summit Materials were worth $1,899,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank acquired a new stake in Summit Materials during the fourth quarter valued at $49,437,000. Hood River Capital Management LLC bought a new position in Summit Materials during the first quarter valued at about $33,206,000. Interval Partners LP acquired a new stake in Summit Materials during the first quarter valued at approximately $18,051,000. Vanguard Group Inc. boosted its holdings in Summit Materials by 2.2% during the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of 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 acquiring an additional 241,757 shares in the last quarter.

Analyst Upgrades and Downgrades

SUM has been the topic of several recent analyst reports. Morgan Stanley initiated 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. Stephens reaffirmed an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Citigroup upped their price objective on Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Truist Financial dropped their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Price Performance

SUM stock opened at $39.36 on Monday. The stock has a 50-day moving average price of $38.78 and a two-hundred day moving average price of $39.30. The stock has a market cap of $6.91 billion, a PE ratio of 17.57 and a beta of 1.18. 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 $29.98 and a 1 year high of $44.89.

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