Jennison Associates LLC lessened its stake in Summit Materials Inc (NYSE:SUM) by 12.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,305,707 shares of the construction company’s stock after selling 913,155 shares during the quarter. Jennison Associates LLC owned 5.63% of Summit Materials worth $121,385,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. State Board of Administration of Florida Retirement System lifted its holdings in shares of Summit Materials by 6.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 18,987 shares of the construction company’s stock valued at $365,000 after buying an additional 1,120 shares during the period. Advisor Group Inc. raised its holdings in Summit Materials by 9.7% in the 2nd quarter. Advisor Group Inc. now owns 12,834 shares of the construction company’s stock worth $248,000 after purchasing an additional 1,135 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Summit Materials by 27.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,516 shares of the construction company’s stock worth $103,000 after purchasing an additional 1,388 shares during the period. Aperio Group LLC raised its holdings 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 purchasing an additional 1,795 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Summit Materials by 10.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,093 shares of the construction company’s stock worth $387,000 after purchasing an additional 1,831 shares during the period.
NYSE:SUM traded down $0.43 during trading hours on Friday, hitting $20.07. 1,269,421 shares of the stock were exchanged, compared to its average volume of 1,062,734. Summit Materials Inc has a 52-week low of $11.25 and a 52-week high of $21.85. The firm’s fifty day moving average price is $19.02 and its 200 day moving average price is $17.10. The company has a current ratio of 2.06, a quick ratio of 1.38 and a debt-to-equity ratio of 1.42. The company has a market cap of $2.30 billion, a P/E ratio of 102.50 and a beta of 2.24.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.07). Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The firm had revenue of $600.90 million for the quarter, compared to analysts’ expectations of $583.06 million. During the same quarter last year, the firm posted $0.32 earnings per share. Summit Materials’s quarterly revenue was up .0% on a year-over-year basis. Equities analysts expect that Summit Materials Inc will post 0.7 EPS for the current fiscal year.
A number of equities analysts recently weighed in on SUM shares. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 6th. ValuEngine raised Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Finally, Barclays set a $18.00 price target on Summit Materials and gave the stock a “hold” rating in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Summit Materials currently has an average rating of “Buy” and an average price target of $20.00.
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.
See Also: What is a Buy-Side Analyst?
Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.