Summit Materials, Inc. (NYSE:SUM) Shares Sold by Waycross Investment Management Co

Waycross Investment Management Co lessened its stake in Summit Materials, Inc. (NYSE:SUM) by 1.9% during the fourth quarter, Holdings Channel reports. The firm owned 36,763 shares of the construction company’s stock after selling 726 shares during the period. Summit Materials makes up about 2.0% of Waycross Investment Management Co’s holdings, making the stock its 14th biggest holding. Waycross Investment Management Co’s holdings in Summit Materials were worth $1,860,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in shares of 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 during the period. Principal Financial Group Inc. raised its position in 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 valued at $206,445,000 after purchasing an additional 94,694 shares during the period. River Road Asset Management LLC lifted its stake in shares of 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares in the last quarter.

Analyst Ratings Changes

SUM has been the subject of a number of analyst reports. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com assumed coverage on shares of Summit Materials in a report on Tuesday. They issued a “sell” rating on the stock. Loop Capital restated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Performance

Shares of SUM opened at $52.08 on Tuesday. Summit Materials, Inc. has a 12-month low of $34.38 and a 12-month high of $53.49. The business’s fifty day moving average price is $50.51 and its 200 day moving average price is $43.17. 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 stock has a market capitalization of $9.15 billion, a PE ratio of 63.51 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The business’s revenue for the quarter was up 49.9% compared to the same quarter last year. Equities research analysts forecast that Summit Materials, Inc. will post 1.66 EPS for the current year.

Insider Buying and Selling at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.55% of the stock is owned by company insiders.

Summit Materials Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.