Valueworks LLC reduced its holdings in shares of Summit Materials Inc (NYSE:SUM) by 18.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,000 shares of the construction company’s stock after selling 30,000 shares during the quarter. Summit Materials accounts for about 2.0% of Valueworks LLC’s holdings, making the stock its 23rd biggest position. Valueworks LLC owned approximately 0.12% of Summit Materials worth $2,886,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC boosted its holdings in Summit Materials by 1.9% during the first quarter. FMR LLC now owns 2,735,230 shares of the construction company’s stock worth $43,408,000 after purchasing an additional 50,440 shares during the last quarter. First Trust Advisors LP raised its position in Summit Materials by 16.2% in the first quarter. First Trust Advisors LP now owns 137,267 shares of the construction company’s stock worth $2,178,000 after acquiring an additional 19,123 shares during the period. State of New Jersey Common Pension Fund D raised its position in Summit Materials by 5.0% in the second quarter. State of New Jersey Common Pension Fund D now owns 840,280 shares of the construction company’s stock worth $16,175,000 after acquiring an additional 40,000 shares during the period. Skylands Capital LLC bought a new stake in Summit Materials in the second quarter worth about $193,000. Finally, Aperio Group LLC raised its position in Summit Materials by 3.4% in the second quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock worth $1,036,000 after acquiring an additional 1,795 shares during the period.
SUM stock traded down $0.03 during midday trading on Wednesday, reaching $24.08. The company had a trading volume of 5,562,380 shares, compared to its average volume of 1,492,228. Summit Materials Inc has a 1 year low of $11.25 and a 1 year high of $24.57. The company has a market capitalization of $2.68 billion, a P/E ratio of 160.53 and a beta of 2.16. The firm has a 50-day moving average price of $23.17 and a 200-day moving average price of $20.08. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.34 and a quick ratio of 1.75.
Several analysts have commented on the stock. Cfra raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on shares of Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. ValuEngine lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Exane BNP Paribas began coverage on shares of Summit Materials in a research report on Wednesday, October 9th. They issued an “outperform” rating on the stock. Finally, BNP Paribas initiated coverage on shares of Summit Materials in a research report on Wednesday, October 9th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Summit Materials currently has an average rating of “Hold” and a consensus price target of $24.13.
In other Summit Materials news, CFO Brian James Harris sold 30,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $23.75, for a total value of $712,500.00. Following the completion of the transaction, the chief financial officer now directly owns 187,666 shares in the company, valued at approximately $4,457,067.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mikel Shane Evans sold 344,231 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $23.60, for a total transaction of $8,123,851.60. Following the completion of the transaction, the insider now owns 6,288 shares of the company’s stock, valued at $148,396.80. The disclosure for this sale can be found here. Insiders have sold a total of 415,051 shares of company stock valued at $9,793,345 over the last quarter. 1.76% of the stock is currently owned by company insiders.
About Summit Materials
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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