Zurcher Kantonalbank Zurich Cantonalbank Has $1.43 Million Holdings in Summit Materials, Inc. (NYSE:SUM)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Summit Materials, Inc. (NYSE:SUM) by 16.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,674 shares of the construction company’s stock after selling 7,071 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Summit Materials were worth $1,431,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after acquiring an additional 241,757 shares in the last quarter. River Road Asset Management LLC boosted its stake in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Summit Materials by 16.9% during the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock worth $100,817,000 after acquiring an additional 399,072 shares in the last quarter.

Summit Materials Price Performance

Shares of SUM stock opened at $50.80 on Thursday. The stock has a 50 day moving average of $44.93 and a two-hundred day moving average of $40.54. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49. The company has a market capitalization of $8.92 billion, a P/E ratio of 61.95 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the firm posted $0.81 EPS. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. As a group, equities analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SUM. Loop Capital reiterated a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group decreased their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. StockNews.com initiated coverage on Summit Materials in a research note on Thursday. They set a “sell” rating for the company. DA Davidson increased their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $50.81.

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.