Envestnet Asset Management Inc. Has $498,000 Stake in Summit Materials Inc (NYSE:SUM)

Envestnet Asset Management Inc. increased its position in Summit Materials Inc (NYSE:SUM) by 11.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,441 shares of the construction company’s stock after purchasing an additional 2,348 shares during the period. Envestnet Asset Management Inc.’s holdings in Summit Materials were worth $498,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Eagle Asset Management Inc. lifted its position in Summit Materials by 2.9% in the 2nd quarter. Eagle Asset Management Inc. now owns 3,221,682 shares of the construction company’s stock worth $62,017,000 after buying an additional 90,210 shares in the last quarter. Aperio Group LLC lifted its position in Summit Materials by 3.4% in the 2nd quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock worth $1,036,000 after buying an additional 1,795 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in Summit Materials by 60.9% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 900,371 shares of the construction company’s stock worth $17,332,000 after buying an additional 340,914 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Summit Materials by 1.8% during the 2nd quarter. Wells Fargo & Company MN now owns 367,157 shares of the construction company’s stock valued at $7,068,000 after purchasing an additional 6,402 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Summit Materials by 8.0% during the 2nd quarter. Janus Henderson Group PLC now owns 9,831,283 shares of the construction company’s stock valued at $189,252,000 after purchasing an additional 730,386 shares in the last quarter.

Summit Materials stock opened at $22.00 on Thursday. The company has a market capitalization of $2.47 billion, a P/E ratio of 146.67 and a beta of 2.17. The firm’s fifty day simple moving average is $22.47 and its 200-day simple moving average is $19.38. The company has a current ratio of 2.34, a quick ratio of 1.75 and a debt-to-equity ratio of 1.35. Summit Materials Inc has a 1-year low of $11.25 and a 1-year high of $24.42.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.20). Summit Materials had a net margin of 0.20% and a return on equity of 1.40%. The firm had revenue of $665.85 million during the quarter, compared to analyst estimates of $674.18 million. During the same quarter in the previous year, the business posted $0.54 earnings per share. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials Inc will post 0.43 earnings per share for the current year.

A number of research firms have recently weighed in on SUM. JPMorgan Chase & Co. raised their price target on shares of Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Barclays set a $22.00 price target on shares of Summit Materials and gave the company a “hold” rating in a report on Tuesday, October 15th. Zacks Investment Research downgraded shares of Summit Materials from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 5th. Cfra upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Wednesday, October 30th. Finally, DA Davidson raised their price target on shares of Summit Materials to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $23.00.

In other Summit Materials news, insider Mikel Shane Evans sold 344,231 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $23.60, for a total value of $8,123,851.60. Following the sale, the insider now directly owns 6,288 shares in the company, valued at approximately $148,396.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian James Harris sold 30,000 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $23.60, for a total transaction of $708,000.00. Following the completion of the sale, the chief financial officer now owns 86,466 shares in the company, valued at $2,040,597.60. The disclosure for this sale can be found here. Insiders sold a total of 382,040 shares of company stock worth $9,010,990 over the last quarter. 1.76% of the stock is currently owned by company insiders.

Summit Materials Profile

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in 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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