Geode Capital Management LLC Acquires 162,244 Shares of Summit Materials, Inc. (NYSE:SUM)

Geode Capital Management LLC increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 25.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 795,854 shares of the construction company’s stock after buying an additional 162,244 shares during the period. Geode Capital Management LLC owned approximately 0.75% of Summit Materials worth $19,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares during the period. SG Americas Securities LLC boosted its position in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares during the period. Strs Ohio purchased a new position in Summit Materials during the first quarter worth about $192,000. Teacher Retirement System of Texas purchased a new position in Summit Materials during the first quarter worth about $209,000. Finally, Ameritas Investment Partners Inc. purchased a new position in Summit Materials during the first quarter worth about $221,000.

Summit Materials, Inc. (NYSE:SUM) traded up 0.03% during midday trading on Tuesday, hitting $29.51. 973,477 shares of the stock were exchanged. The firm has a market capitalization of $3.17 billion, a P/E ratio of 50.27 and a beta of 2.06. The firm’s 50-day moving average price is $28.60 and its 200 day moving average price is $26.18. Summit Materials, Inc. has a 1-year low of $17.48 and a 1-year high of $29.72.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. The business had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 10.43%. Summit Materials’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. Analysts expect that Summit Materials, Inc. will post $1.23 earnings per share for the current fiscal year.

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Several equities analysts have recently weighed in on SUM shares. BidaskClub cut Summit Materials from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a report on Wednesday, May 3rd. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday. Stifel Nicolaus reiterated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. Finally, Longbow Research started coverage on Summit Materials in a report on Thursday, June 8th. They set a “buy” rating and a $34.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $30.43.

In other news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total value of $336,750.00. Following the sale, the insider now owns 20,610 shares of the company’s stock, valued at $555,233.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $28.74, for a total transaction of $181,062.00. Following the completion of the sale, the chief executive officer now directly owns 20,610 shares in the company, valued at approximately $592,331.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,800 shares of company stock worth $3,558,302. 1.97% of the stock is owned by insiders.

About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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