Oliver Luxxe Assets LLC Sells 67,096 Shares of Summit Materials, Inc. (NYSE:SUM)

Oliver Luxxe Assets LLC decreased its position in Summit Materials, Inc. (NYSE:SUM) by 77.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,689 shares of the construction company’s stock after selling 67,096 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Summit Materials were worth $768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Register Financial Advisors LLC purchased a new stake in Summit Materials in the 1st quarter worth approximately $45,000. Quest Partners LLC purchased a new position in shares of Summit Materials during the 2nd quarter worth approximately $40,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Summit Materials in the 1st quarter worth approximately $102,000. Fidelis Capital Partners LLC purchased a new position in shares of Summit Materials in the 1st quarter valued at approximately $143,000. Finally, Westend Capital Management LLC bought a new stake in shares of Summit Materials during the first quarter valued at approximately $185,000.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SUM. JPMorgan Chase & Co. reduced their target price on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Stephens reaffirmed an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Stifel Nicolaus dropped their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Jefferies Financial Group reduced their price objective on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Citigroup dropped their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average target price of $47.73.

Summit Materials Price Performance

NYSE SUM opened at $38.89 on Tuesday. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 18.17 and a beta of 1.17. Summit Materials, Inc. has a 1-year low of $30.83 and a 1-year high of $44.89. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The business’s fifty day moving average price is $38.33 and its 200-day moving average price is $38.78.

Summit Materials (NYSE:SUM) last posted its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the company earned $0.71 earnings per share. Summit Materials’s revenue was up 58.1% on a year-over-year basis. On average, equities analysts predict that Summit Materials, Inc. will post 1.64 earnings per share for the current year.

Summit Materials Company 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.