Summit Materials, Inc. (NYSE:SUM) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. cut its position in shares of Summit Materials, Inc. (NYSE:SUM) by 28.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,092 shares of the construction company’s stock after selling 3,274 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Summit Materials were worth $409,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in 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 purchasing an additional 94,694 shares in the last quarter. Geode Capital Management LLC grew its stake in Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after acquiring an additional 313,957 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Summit Materials by 3.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,232,524 shares of the construction company’s stock valued at $48,105,000 after acquiring an additional 45,467 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after acquiring an additional 822,222 shares in the last quarter.

Summit Materials Stock Up 0.2 %

NYSE:SUM opened at $52.54 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07. The stock has a 50-day simple moving average of $52.43 and a 200 day simple moving average of $47.96.

Analyst Upgrades and Downgrades

SUM has been the subject of several recent research reports. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the company from $58.00 to $52.50 in a research note on Monday, December 16th. Truist Financial reissued a “hold” rating and set a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, StockNews.com began coverage on shares of Summit Materials in a research report on Wednesday, March 19th. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials 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.