Peregrine Capital Management LLC Trims Stake in Summit Materials, Inc. (NYSE:SUM)

Peregrine Capital Management LLC reduced its position in Summit Materials, Inc. (NYSE:SUM) by 0.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 181,602 shares of the construction company’s stock after selling 626 shares during the period. Peregrine Capital Management LLC’s holdings in Summit Materials were worth $6,648,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Materials by 10.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,745 shares of the construction company’s stock valued at $1,602,000 after purchasing an additional 4,112 shares during the last quarter. Waycross Investment Management Co lifted its holdings in shares of Summit Materials by 1.0% in the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after buying an additional 412 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Summit Materials in the 2nd quarter valued at approximately $5,555,000. Amica Mutual Insurance Co. lifted its holdings in shares of Summit Materials by 10.4% in the 2nd quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock valued at $1,494,000 after buying an additional 3,846 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Summit Materials by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock valued at $29,672,000 after buying an additional 24,146 shares during the period.

Analyst Ratings Changes

Several research firms recently weighed in on SUM. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Morgan Stanley started coverage on Summit Materials in a report on Monday. They set an “overweight” rating and a $51.00 price objective on the stock. Truist Financial decreased their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus decreased their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, 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 report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Stock Up 1.8 %

Shares of SUM traded up $0.70 during midday trading on Friday, reaching $40.50. 733,658 shares of the company were exchanged, compared to its average volume of 971,402. The stock has a 50-day moving average price of $38.33 and a 200-day moving average price of $39.72. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 18.08 and a beta of 1.15. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the firm posted $0.71 earnings per share. The firm’s quarterly revenue was up 58.1% on a year-over-year basis. Research analysts expect that Summit Materials, Inc. will post 1.73 earnings per share for the current year.

About Summit Materials

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.