Jane Street Group LLC Sells 103,205 Shares of Summit Materials, Inc. (NYSE:SUM)

Jane Street Group LLC trimmed its holdings in Summit Materials, Inc. (NYSE:SUM) by 51.3% in the third quarter, Holdings Channel reports. The institutional investor owned 97,946 shares of the construction company’s stock after selling 103,205 shares during the period. Jane Street Group LLC’s holdings in Summit Materials were worth $3,823,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in SUM. Massachusetts Financial Services Co. MA raised its holdings in Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. Victory Capital Management Inc. raised its stake in Summit Materials by 7.0% in the second quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares in the last quarter. River Road Asset Management LLC lifted its position in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after purchasing an additional 488,688 shares during the period. Finally, Millennium Management LLC grew its stake in Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after buying an additional 399,072 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Citigroup restated a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Truist Financial reiterated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Down 0.8 %

NYSE:SUM opened at $50.37 on Thursday. 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 current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $8.85 billion, a PE ratio of 61.43 and a beta of 1.14. The firm’s 50 day simple moving average is $47.54 and its 200 day simple moving average is $41.35.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. On average, research analysts anticipate that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.55% of the company’s stock.

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.