Russell Investments Group Ltd. reduced its holdings in Summit Materials, Inc. (NYSE:SUM – Get Rating) by 44.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 155,325 shares of the construction company’s stock after selling 125,999 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of Summit Materials worth $4,822,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. California Public Employees Retirement System bought a new stake in shares of Summit Materials in the 1st quarter worth approximately $1,485,000. Wolverine Asset Management LLC acquired a new stake in shares of Summit Materials during the first quarter valued at approximately $62,000. Benjamin Edwards Inc. raised its holdings in shares of Summit Materials by 5.8% during the first quarter. Benjamin Edwards Inc. now owns 10,006 shares of the construction company’s stock valued at $311,000 after acquiring an additional 546 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Summit Materials by 9.9% during the first quarter. Envestnet Asset Management Inc. now owns 106,261 shares of the construction company’s stock valued at $3,300,000 after acquiring an additional 9,576 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Summit Materials by 1.1% during the first quarter. Steward Partners Investment Advisory LLC now owns 38,237 shares of the construction company’s stock valued at $1,188,000 after acquiring an additional 406 shares during the period.
Summit Materials Stock Performance
SUM stock opened at $31.25 on Thursday. The company has a quick ratio of 1.94, a current ratio of 2.55 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 13.59 and a beta of 1.37. Summit Materials, Inc. has a 12 month low of $21.99 and a 12 month high of $41.46. The firm has a 50 day moving average of $25.55 and a two-hundred day moving average of $28.74.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on SUM shares. Citigroup boosted their price target on shares of Summit Materials to $35.00 in a report on Tuesday. Morgan Stanley boosted their price target on shares of Summit Materials from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Monday. DA Davidson upped their price objective on shares of Summit Materials to $33.00 in a research note on Tuesday. The Goldman Sachs Group dropped their price objective on shares of Summit Materials from $34.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, June 23rd. Finally, StockNews.com upgraded shares of Summit Materials from a “sell” rating to a “hold” rating in a research note on Thursday, August 4th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $32.29.
About Summit Materials
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company’s products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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