Bessemer Group Inc. Purchases 7,141 Shares of Summit Materials, Inc. (NYSE:SUM)

Bessemer Group Inc. increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 2.9% during the first quarter, HoldingsChannel.com reports. The fund owned 252,167 shares of the construction company’s stock after acquiring an additional 7,141 shares during the period. Bessemer Group Inc.’s holdings in Summit Materials were worth $11,239,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Summit Materials by 1.2% in the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock worth $371,353,000 after purchasing an additional 136,921 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Summit Materials by 15.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 58,073 shares of the construction company’s stock valued at $1,808,000 after acquiring an additional 7,816 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Summit Materials during the fourth quarter worth about $743,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Summit Materials by 14.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 21,841 shares of the construction company’s stock worth $840,000 after purchasing an additional 2,809 shares during the last quarter. Finally, Harvey Capital Management Inc. purchased a new stake in Summit Materials in the fourth quarter valued at approximately $1,167,000.

Insider Buying and Selling

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the completion of the sale, the insider now owns 60,630 shares of the company’s stock, valued at approximately $2,437,932.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SUM. Truist Financial increased their price target 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. StockNews.com cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Royal Bank of Canada lifted their price target on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. Wolfe Research upgraded Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Wednesday, May 15th. Finally, Citigroup dropped their target price on Summit Materials from $51.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Trading Up 4.3 %

Shares of NYSE SUM traded up $1.62 during midday trading on Thursday, reaching $39.06. The company had a trading volume of 199,031 shares, compared to its average volume of 972,005. The stock has a market cap of $6.85 billion, a PE ratio of 16.72 and a beta of 1.15. Summit Materials, Inc. has a one year low of $29.98 and a one year high of $44.89. The firm’s fifty day moving average price is $37.80 and its 200-day moving average price is $39.25. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. The business had revenue of $773.23 million for the quarter, compared to analysts’ expectations of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The business’s quarterly revenue was up 89.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.26) EPS. On average, equities research analysts anticipate that Summit Materials, Inc. will post 1.82 earnings per share for the current year.

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.