Synovus Financial Corp Raises Holdings in Summit Materials, Inc. (NYSE:SUM)

Synovus Financial Corp increased its position in Summit Materials, Inc. (NYSE:SUM) by 13.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,244 shares of the construction company’s stock after buying an additional 3,390 shares during the period. Synovus Financial Corp’s holdings in Summit Materials were worth $1,102,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SUM. Raymond James & Associates raised its holdings in shares of Summit Materials by 67.6% during the 2nd quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock worth $9,857,000 after acquiring an additional 108,620 shares in the last quarter. Fifth Third Bancorp increased its position in Summit Materials by 501.5% in the second quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock worth $313,000 after purchasing an additional 7,132 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Summit Materials by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock valued at $29,672,000 after purchasing an additional 24,146 shares in the last quarter. Amica Mutual Insurance Co. lifted its position in Summit Materials by 10.4% during the second quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock valued at $1,494,000 after purchasing an additional 3,846 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Summit Materials in the 2nd quarter worth $5,555,000.

Summit Materials Stock Down 0.1 %

Shares of SUM opened at $50.74 on Tuesday. The firm has a market capitalization of $8.91 billion, a P/E ratio of 61.88 and a beta of 1.14. Summit Materials, Inc. has a 12-month low of $34.38 and a 12-month high of $53.49. The firm has a fifty day moving average price of $47.01 and a 200-day moving average price of $41.20. 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 (NYSE:SUM) last released its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during 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 firm’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 EPS. Equities research analysts expect that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. DA Davidson upped their target price 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. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com started coverage on Summit Materials in a report on Friday. They issued a “sell” rating for the company. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 price objective (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.54.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now directly 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 legal filing with the SEC, which is available through the SEC website. 0.55% of the stock is owned by company insiders.

Summit Materials 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.