Summit Materials, Inc. (NYSE:SUM) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of Summit Materials, Inc. (NYSE:SUMGet Rating) by 4.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 659,746 shares of the construction company’s stock after selling 27,792 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Summit Materials were worth $20,492,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $77,000. Wolverine Asset Management LLC acquired a new stake in shares of Summit Materials in the first quarter valued at about $62,000. Rather & Kittrell Inc. acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $218,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Summit Materials by 43.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 5,611 shares of the construction company’s stock valued at $174,000 after purchasing an additional 1,713 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Summit Materials by 30.2% in the first quarter. Oppenheimer & Co. Inc. now owns 6,511 shares of the construction company’s stock valued at $202,000 after purchasing an additional 1,511 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SUM. Morgan Stanley lifted their target price on shares of Summit Materials from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Monday, August 8th. Royal Bank of Canada raised shares of Summit Materials from a “sector perform” rating to an “outperform” rating and decreased their price target for the stock from $33.00 to $31.00 in a research note on Wednesday, June 22nd. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 10th. DA Davidson raised their price target on shares of Summit Materials to $33.00 in a research note on Tuesday, August 9th. Finally, StockNews.com raised shares of Summit Materials from a “sell” rating to a “hold” rating in a research note on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $32.29.

Summit Materials Price Performance

Shares of SUM stock opened at $26.80 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.17 and a quick ratio of 2.54. The firm’s 50-day moving average is $28.12 and its two-hundred day moving average is $27.83. Summit Materials, Inc. has a 12 month low of $21.99 and a 12 month high of $41.46. The company has a market capitalization of $3.17 billion, a PE ratio of 11.65 and a beta of 1.33.

Summit Materials (NYSE:SUMGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The construction company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.07. Summit Materials had a net margin of 11.31% and a return on equity of 7.54%. The business had revenue of $631.92 million during the quarter, compared to analysts’ expectations of $644.45 million. Analysts predict that Summit Materials, Inc. will post 1.39 earnings per share for the current year.

About Summit Materials

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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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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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