Price T Rowe Associates Inc. MD Boosts Stake in Summit Materials, Inc. (NYSE:SUM)

Price T Rowe Associates Inc. MD raised its holdings in Summit Materials, Inc. (NYSE:SUM) by 0.3% during the first quarter, Holdings Channel.com reports. The firm owned 8,837,110 shares of the construction company’s stock after purchasing an additional 22,840 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.05% of Summit Materials worth $393,871,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SUM. Norges Bank purchased a new stake in Summit Materials in the fourth quarter valued at $49,437,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after buying an additional 1,137,500 shares during the period. Hood River Capital Management LLC acquired a new position in Summit Materials during the 1st quarter worth about $33,206,000. Vanguard Group Inc. grew its position in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after acquiring an additional 262,179 shares in the last quarter. Finally, Stephens Inc. AR purchased a new stake in Summit Materials during the fourth quarter worth about $5,148,000.

Analyst Upgrades and Downgrades

SUM has been the subject of several recent research reports. Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price target for the company in a research report on Wednesday, May 15th. Royal Bank of Canada upped their price objective on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, May 3rd. Stephens lifted their target price on Summit Materials from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Finally, StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Stock Up 0.5 %

Shares of NYSE:SUM traded up $0.22 on Monday, hitting $40.33. 148,094 shares of the company’s stock were exchanged, compared to its average volume of 972,581. Summit Materials, Inc. has a 1-year low of $29.98 and a 1-year high of $44.89. The company has a market capitalization of $7.08 billion, a PE ratio of 17.91 and a beta of 1.15. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The firm’s 50-day moving average is $37.77 and its 200 day moving average is $39.29.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.11. The firm had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.26) earnings per share. Sell-side analysts predict that Summit Materials, Inc. will post 1.82 EPS for the current year.

Insider Activity

In related news, insider Jason Kilgore sold 50,589 shares of Summit Materials stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the sale, the insider now directly owns 60,630 shares in the company, valued at approximately $2,437,932.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.55% of the company’s stock.

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.