Royce & Associates LP Reduces Stock Position in Summit Materials, Inc. (NYSE:SUM)

Royce & Associates LP cut its holdings in Summit Materials, Inc. (NYSE:SUM) by 46.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 196,297 shares of the construction company’s stock after selling 173,572 shares during the period. Royce & Associates LP owned 0.11% of Summit Materials worth $9,933,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SUM. Massachusetts Financial Services Co. MA boosted its holdings in shares of 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 during the period. Principal Financial Group Inc. boosted its stake in Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. Geode Capital Management LLC grew its holdings in Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after buying an additional 9,566 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Summit Materials by 21.8% during 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 buying an additional 313,957 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its holdings in shares of Summit Materials by 6.5% in the third quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after buying an additional 94,177 shares in the last quarter.

Summit Materials Trading Up 0.2 %

SUM stock opened at $52.54 on Tuesday. The company has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. 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 one year low of $34.64 and a one year high of $54.07. The company’s 50 day moving average price is $52.39 and its two-hundred day moving average price is $47.58.

Analysts Set New Price Targets

Several equities analysts recently commented on SUM shares. Citigroup reaffirmed a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reissued a “hold” rating and set a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials has an average rating of “Hold” and an average price target of $50.67.

About Summit Materials

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.