Congress Wealth Management LLC DE Reduces Holdings in Summit Materials, Inc. (NYSE:SUM)

Congress Wealth Management LLC DE lowered its position in shares of Summit Materials, Inc. (NYSE:SUM) by 3.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 190,437 shares of the construction company’s stock after selling 7,235 shares during the period. Congress Wealth Management LLC DE’s holdings in Summit Materials were worth $8,488,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SUM. Signaturefd LLC raised its stake in shares of Summit Materials by 110.3% during the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares during the period. Parallel Advisors LLC grew its position in shares of Summit Materials by 113.7% during the fourth quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after buying an additional 399 shares in the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Summit Materials during the first quarter worth approximately $45,000. Quadrant Capital Group LLC grew its position in shares of Summit Materials by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after buying an additional 382 shares in the last quarter. Finally, TFO Wealth Partners LLC grew its position in shares of Summit Materials by 45,250.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,721 shares of the construction company’s stock worth $105,000 after buying an additional 2,715 shares in the last quarter.

Summit Materials Stock Performance

Shares of NYSE SUM traded down $0.98 during midday trading on Monday, reaching $35.63. 1,079,951 shares of the company traded hands, compared to its average volume of 972,570. Summit Materials, Inc. has a 52 week low of $29.98 and a 52 week high of $44.89. The stock has a 50-day moving average price of $38.61 and a 200 day moving average price of $39.33. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 15.91 and a beta of 1.15.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The business had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. During the same period in the previous year, the business earned ($0.26) earnings per share. The company’s revenue was up 89.9% on a year-over-year basis. Sell-side analysts anticipate that Summit Materials, Inc. will post 1.85 earnings per share for the current fiscal year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the sale, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SUM. Stephens raised their price target on shares of Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. The Goldman Sachs Group lifted their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Truist Financial lifted their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target for the company in a report on Wednesday, May 15th. Finally, Citigroup boosted their price target on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.92.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.