Principal Financial Group Inc. Purchases 94,694 Shares of Summit Materials, Inc. (NYSE:SUM)

Principal Financial Group Inc. increased its holdings in Summit Materials, Inc. (NYSE:SUM) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,289,410 shares of the construction company’s stock after purchasing an additional 94,694 shares during the quarter. Principal Financial Group Inc. owned approximately 3.01% of Summit Materials worth $206,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Summit Materials in the 3rd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials in the third quarter worth $28,000. Toth Financial Advisory Corp boosted its holdings in Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its position in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the period. Finally, Quest Partners LLC bought a new position in Summit Materials in the 2nd quarter worth $40,000.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SUM. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $52.00 in a research report on Tuesday, October 29th. Loop Capital restated a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Morgan Stanley started coverage on Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the company from $58.00 to $52.50 in a research report on Monday. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

Shares of SUM stock opened at $50.35 on Friday. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of 61.40 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company’s 50-day moving average is $47.79 and its 200 day moving average is $41.41.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.81 earnings per share. Sell-side analysts expect that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.