US Bancorp DE Sells 10,453 Shares of Summit Materials, Inc. (NYSE:SUM)

US Bancorp DE lessened its position in Summit Materials, Inc. (NYSE:SUMGet Rating) by 18.6% in the third quarter, Holdings Channel.com reports. The firm owned 45,681 shares of the construction company’s stock after selling 10,453 shares during the quarter. US Bancorp DE’s holdings in Summit Materials were worth $1,095,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital Square LLC increased its stake in shares of Summit Materials by 1.7% in the second quarter. Capital Square LLC now owns 24,225 shares of the construction company’s stock valued at $564,000 after buying an additional 400 shares during the period. Ellevest Inc. boosted its holdings in Summit Materials by 81.7% in the second quarter. Ellevest Inc. now owns 1,214 shares of the construction company’s stock worth $28,000 after acquiring an additional 546 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in Summit Materials by 2.5% in the second quarter. Atria Wealth Solutions Inc. now owns 23,276 shares of the construction company’s stock worth $542,000 after acquiring an additional 559 shares in the last quarter. Strengthening Families & Communities LLC boosted its holdings in Summit Materials by 3.0% in the second quarter. Strengthening Families & Communities LLC now owns 19,731 shares of the construction company’s stock worth $608,000 after acquiring an additional 575 shares in the last quarter. Finally, Harbor Investment Advisory LLC lifted its holdings in shares of Summit Materials by 30.2% in the second quarter. Harbor Investment Advisory LLC now owns 2,503 shares of the construction company’s stock valued at $58,000 after purchasing an additional 580 shares in the last quarter.

Summit Materials Stock Down 1.6 %

Shares of NYSE:SUM opened at $31.40 on Thursday. The company has a current ratio of 3.39, a quick ratio of 2.76 and a debt-to-equity ratio of 0.76. The company has a market cap of $3.72 billion, a price-to-earnings ratio of 13.25 and a beta of 1.36. Summit Materials, Inc. has a 12 month low of $21.99 and a 12 month high of $37.57. The company has a 50-day moving average price of $29.95 and a 200 day moving average price of $27.90.

Summit Materials (NYSE:SUMGet Rating) last issued its earnings results on Wednesday, November 2nd. The construction company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.06). The company had revenue of $686.01 million for the quarter, compared to analysts’ expectations of $656.77 million. Summit Materials had a return on equity of 7.48% and a net margin of 11.65%. As a group, equities research analysts predict that Summit Materials, Inc. will post 1.18 earnings per share for the current year.

Summit Materials Announces Dividend

The company also recently declared a — dividend, which was paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th were issued a $1.70 dividend. The ex-dividend date of this dividend was Wednesday, December 14th.

Analyst Ratings Changes

A number of brokerages recently commented on SUM. Jefferies Financial Group decreased their price target on Summit Materials from $38.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, October 3rd. DA Davidson reduced their price target on Summit Materials from $33.00 to $31.00 in a research report on Wednesday, October 12th. Stifel Nicolaus dropped their price objective on Summit Materials from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 19th. StockNews.com started coverage on Summit Materials in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. reduced their price target on Summit Materials from $37.00 to $34.00 in a report on Thursday, December 8th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.55.

About Summit Materials

(Get Rating)

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.

See Also

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

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