Jennison Associates LLC Sells 633,940 Shares of Summit Materials, Inc. (NYSE:SUM)

Jennison Associates LLC cut its stake in Summit Materials, Inc. (NYSE:SUM) by 48.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 674,543 shares of the construction company’s stock after selling 633,940 shares during the period. Jennison Associates LLC owned 0.56% of Summit Materials worth $25,943,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Knights of Columbus Asset Advisors LLC raised its stake in shares of Summit Materials by 94.6% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock worth $7,398,000 after buying an additional 93,487 shares during the last quarter. River Road Asset Management LLC raised its stake in shares of Summit Materials by 6.8% during the fourth quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock worth $66,439,000 after buying an additional 109,985 shares during the last quarter. Harvey Capital Management Inc. bought a new stake in shares of Summit Materials during the fourth quarter worth approximately $1,167,000. Vanguard Group Inc. raised its stake in shares of Summit Materials by 1.2% during the third quarter. Vanguard Group Inc. now owns 11,925,288 shares of the construction company’s stock worth $371,353,000 after buying an additional 136,921 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of Summit Materials during the third quarter worth approximately $855,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SUM shares. Truist Financial boosted their price target on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. The Goldman Sachs Group boosted their price target on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, March 14th. Royal Bank of Canada boosted their price target on shares of Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 14th. Citigroup boosted their price objective 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. Finally, Barclays boosted their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.09.

Summit Materials Stock Down 1.6 %

Summit Materials stock opened at $38.93 on Thursday. The stock has a market capitalization of $6.78 billion, a PE ratio of 16.36 and a beta of 1.32. Summit Materials, Inc. has a twelve month low of $26.18 and a twelve month high of $44.89. The company has a quick ratio of 4.62, a current ratio of 5.36 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average of $41.90 and a 200-day moving average of $37.80.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.04. The company had revenue of $613.13 million during the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, equities research analysts anticipate that Summit Materials, Inc. will post 2.28 EPS for the current fiscal 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.