Congress Wealth Management LLC DE Sells 7,235 Shares of Summit Materials, Inc. (NYSE:SUM)

Congress Wealth Management LLC DE trimmed its position in Summit Materials, Inc. (NYSE:SUM) by 3.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 190,437 shares of the construction company’s stock after selling 7,235 shares during the quarter. Congress Wealth Management LLC DE owned 0.11% of Summit Materials worth $8,488,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Register Financial Advisors LLC bought a new position in Summit Materials in the first quarter worth approximately $45,000. Westend Capital Management LLC acquired a new position in shares of Summit Materials during the first quarter valued at about $185,000. Congress Asset Management Co. MA raised its position in shares of Summit Materials by 9.2% in the 1st quarter. Congress Asset Management Co. MA now owns 427,672 shares of the construction company’s stock valued at $19,061,000 after purchasing an additional 36,004 shares during the last quarter. First Hawaiian Bank acquired a new stake in Summit Materials in the 1st quarter worth approximately $715,000. Finally, Nomura Holdings Inc. grew its position in Summit Materials by 81.4% during the 4th quarter. Nomura Holdings Inc. now owns 49,782 shares of the construction company’s stock worth $1,915,000 after purchasing an additional 22,341 shares during the last quarter.

Summit Materials Trading Down 2.7 %

Shares of SUM traded down $0.98 during mid-day trading on Monday, reaching $35.63. The stock had a trading volume of 1,079,951 shares, 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 firm has a market cap of $6.25 billion, a price-to-earnings ratio of 15.91 and a beta of 1.15. The business’s fifty day moving average is $38.61 and its 200 day moving average is $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.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.11. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The firm had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. During the same quarter last year, the firm earned ($0.26) EPS. The firm’s revenue for the quarter was up 89.9% on a year-over-year basis. On average, sell-side analysts predict that Summit Materials, Inc. will post 1.85 EPS for the current fiscal year.

Insider Activity

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 60,630 shares in the company, valued at approximately $2,437,932.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on Summit Materials from $43.00 to $49.00 and gave the company 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 company a “buy” rating in a research note on Tuesday, April 2nd. Royal Bank of Canada increased their price objective on shares of Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Friday, May 3rd. StockNews.com downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has an average rating of “Moderate Buy” and a consensus target price of $46.92.

Summit Materials 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.