Summit Materials, Inc. (NYSE:SUM) Stock Holdings Trimmed by Franklin Resources Inc.

Franklin Resources Inc. lowered its holdings in shares of Summit Materials, Inc. (NYSE:SUMGet Rating) by 0.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,984,072 shares of the construction company’s stock after selling 34,666 shares during the period. Franklin Resources Inc. owned approximately 3.37% of Summit Materials worth $92,789,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SUM. Ellevest Inc. raised its stake in Summit Materials by 81.7% during the 2nd quarter. Ellevest Inc. now owns 1,214 shares of the construction company’s stock valued at $28,000 after acquiring an additional 546 shares in the last quarter. Assetmark Inc. increased its position in shares of Summit Materials by 271.0% during the 2nd quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock valued at $34,000 after purchasing an additional 1,054 shares during the period. Harbor Investment Advisory LLC increased its position in shares of Summit Materials by 30.2% during the 2nd quarter. Harbor Investment Advisory LLC now owns 2,503 shares of the construction company’s stock valued at $58,000 after purchasing an additional 580 shares during the period. Wolverine Asset Management LLC acquired a new position in shares of Summit Materials during the 1st quarter valued at $62,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Summit Materials by 43.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,611 shares of the construction company’s stock valued at $174,000 after purchasing an additional 1,713 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SUM shares. StockNews.com started coverage on Summit Materials in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Jefferies Financial Group lowered their price target on Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, October 3rd. DA Davidson lowered their price target on Summit Materials from $33.00 to $31.00 in a research report on Wednesday, October 12th. Citigroup lifted their target price on Summit Materials from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 8th. Finally, JPMorgan Chase & Co. lifted their target price on Summit Materials from $30.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, September 22nd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.06.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $30.04 on Thursday. The stock has a market cap of $3.50 billion, a PE ratio of 12.46 and a beta of 1.35. The business has a fifty day simple moving average of $26.37 and a 200-day simple moving average of $26.65. The company has a quick ratio of 2.76, a current ratio of 3.39 and a debt-to-equity ratio of 0.76. Summit Materials, Inc. has a 12 month low of $21.99 and a 12 month high of $41.46.

Summit Materials Company Profile

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Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through 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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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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