Summit Materials, Inc. (NYSE:SUM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 67.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,719,023 shares of the construction company’s stock after selling 3,570,387 shares during the quarter. Principal Financial Group Inc.’s holdings in Summit Materials were worth $86,983,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its position in Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after acquiring an additional 429,062 shares in the last quarter. River Road Asset Management LLC raised its stake in shares of Summit Materials by 15.9% in the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after purchasing an additional 488,688 shares in the last quarter. Geode Capital Management LLC raised its stake 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 valued at $108,885,000 after purchasing an additional 9,566 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after purchasing an additional 313,957 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its stake in Summit Materials by 6.5% during the third quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after acquiring an additional 94,177 shares in the last quarter.

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 dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

SUM has been the subject of a number of research reports. DA Davidson lifted their price objective on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial restated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup restated a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, 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 report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Up 0.2 %

NYSE SUM opened at $52.54 on Wednesday. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The stock’s 50 day moving average price is $51.66 and its two-hundred day moving average price is $45.64. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07.

Summit Materials Company 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.