Ausbil Investment Management Ltd Cuts Stake in Summit Materials, Inc. (NYSE:SUM)

Ausbil Investment Management Ltd lowered its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 9.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,729 shares of the construction company’s stock after selling 2,234 shares during the quarter. Ausbil Investment Management Ltd’s holdings in Summit Materials were worth $1,109,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials during the third quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials during the 3rd quarter valued at about $28,000. Versant Capital Management Inc increased its holdings in shares of Summit Materials by 179.2% in the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the period. Toth Financial Advisory Corp raised its stake in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.

Summit Materials Stock Performance

NYSE SUM opened at $52.32 on Friday. The stock’s 50 day simple moving average is $51.29 and its 200-day simple moving average is $44.50. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $9.19 billion, a PE ratio of 63.80 and a beta of 1.14. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $53.49.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. As a group, equities research analysts anticipate that Summit Materials, Inc. will post 1.66 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SUM shares. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Citigroup reiterated a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, DA Davidson raised their price target 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. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $50.54.

About Summit Materials

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.