Summit Materials Inc (SUM) Stake Increased by Rhumbline Advisers

Rhumbline Advisers raised its position in Summit Materials Inc (NYSE:SUM) by 46.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 150,864 shares of the construction company’s stock after acquiring an additional 47,582 shares during the period. Rhumbline Advisers owned approximately 0.14% of Summit Materials worth $1,871,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SUM. Vanguard Group Inc increased its holdings in shares of Summit Materials by 2.6% in the 3rd quarter. Vanguard Group Inc now owns 10,023,710 shares of the construction company’s stock valued at $182,230,000 after purchasing an additional 253,306 shares in the last quarter. Crestline Management LP purchased a new position in shares of Summit Materials in the 3rd quarter valued at about $3,757,000. Clearbridge Investments LLC increased its holdings in shares of Summit Materials by 12.5% in the 3rd quarter. Clearbridge Investments LLC now owns 1,791,576 shares of the construction company’s stock valued at $32,571,000 after purchasing an additional 199,491 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Summit Materials in the 3rd quarter valued at about $744,000. Finally, Vanguard Group Inc. increased its holdings in shares of Summit Materials by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 10,023,710 shares of the construction company’s stock valued at $182,230,000 after purchasing an additional 253,306 shares in the last quarter.

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In other news, CFO Brian James Harris purchased 2,000 shares of the firm’s stock in a transaction on Monday, December 10th. The shares were bought at an average cost of $13.00 per share, with a total value of $26,000.00. Following the purchase, the chief financial officer now directly owns 74,584 shares of the company’s stock, valued at $969,592. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas W. Hill purchased 31,250 shares of the firm’s stock in a transaction on Friday, February 15th. The shares were purchased at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the completion of the purchase, the chief executive officer now directly owns 135,652 shares in the company, valued at $2,204,345. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

A number of brokerages have recently issued reports on SUM. Stifel Nicolaus reiterated a “buy” rating and issued a $23.00 price target on shares of Summit Materials in a report on Wednesday, December 19th. ValuEngine upgraded shares of Summit Materials from a “strong sell” rating to a “sell” rating in a report on Thursday, November 15th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Thursday, February 14th. Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 price target on shares of Summit Materials in a report on Thursday, November 8th. Finally, Scotiabank restated a “hold” rating on shares of Summit Materials in a report on Thursday, February 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $24.00.

NYSE:SUM opened at $17.62 on Friday. The company has a quick ratio of 1.45, a current ratio of 2.27 and a debt-to-equity ratio of 1.35. Summit Materials Inc has a twelve month low of $11.25 and a twelve month high of $32.68. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 117.47, a price-to-earnings-growth ratio of 1.88 and a beta of 1.88.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, February 6th. The construction company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.20). Summit Materials had a net margin of 1.68% and a return on equity of 1.34%. The business had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $459.58 million. During the same quarter last year, the business posted $0.43 earnings per share. The business’s revenue was up .2% compared to the same quarter last year. On average, research analysts forecast that Summit Materials Inc will post 0.85 EPS for the current year.

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Summit Materials Company Profile

Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.

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