Summit Materials, Inc. (NYSE:SUM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Summit Materials, Inc. (NYSE:SUM) by 67.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,719,023 shares of the construction company’s stock after selling 3,570,387 shares during the period. Principal Financial Group Inc. owned approximately 0.98% of Summit Materials worth $86,983,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SUM. Creative Planning boosted its position in shares of Summit Materials by 53.7% in the third quarter. Creative Planning now owns 47,937 shares of the construction company’s stock worth $1,871,000 after acquiring an additional 16,746 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials in the third quarter worth approximately $27,000. Raymond James & Associates boosted its position in shares of Summit Materials by 11.0% in the third quarter. Raymond James & Associates now owns 298,733 shares of the construction company’s stock worth $11,660,000 after acquiring an additional 29,501 shares during the last quarter. Toth Financial Advisory Corp boosted its position in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after acquiring an additional 500 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after buying an additional 913 shares in the last quarter.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Wednesday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $51.66 and a 200 day simple moving average of $45.64. The firm has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on SUM shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Loop Capital reaffirmed a “hold” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, StockNews.com started coverage on shares of Summit Materials in a research note on Saturday. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $50.54.

Summit Materials Company Profile

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.