Clearbridge Investments LLC Grows Stake in Summit Materials (NYSE:SUM)

Clearbridge Investments LLC raised its position in Summit Materials (NYSE:SUM) by 73.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 668,121 shares of the construction company’s stock after purchasing an additional 283,908 shares during the period. Clearbridge Investments LLC owned about 0.61% of Summit Materials worth $21,006,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SUM. Nationwide Fund Advisors grew its holdings in Summit Materials by 2.5% in the third quarter. Nationwide Fund Advisors now owns 659,823 shares of the construction company’s stock valued at $21,134,000 after purchasing an additional 16,016 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Summit Materials by 20.9% during the third quarter. First Trust Advisors LP now owns 178,623 shares of the construction company’s stock valued at $5,721,000 after acquiring an additional 30,828 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Summit Materials by 36.9% during the third quarter. Sei Investments Co. now owns 278,064 shares of the construction company’s stock valued at $8,906,000 after acquiring an additional 74,916 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Summit Materials by 3.0% during the third quarter. Rhumbline Advisers now owns 121,975 shares of the construction company’s stock valued at $3,907,000 after acquiring an additional 3,549 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Summit Materials by 4.3% during the third quarter. Bank of New York Mellon Corp now owns 842,036 shares of the construction company’s stock valued at $26,971,000 after acquiring an additional 35,033 shares during the last quarter.

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A number of analysts recently commented on the company. TheStreet raised Summit Materials from a “c” rating to a “b” rating in a research note on Monday, March 19th. ValuEngine raised Summit Materials from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Goldman Sachs raised Summit Materials from a “neutral” rating to a “buy” rating in a research note on Monday, February 26th. Royal Bank of Canada set a $37.00 price objective on Summit Materials and gave the company a “buy” rating in a research note on Thursday, February 15th. Finally, Deutsche Bank increased their price objective on Summit Materials from $35.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. Summit Materials currently has an average rating of “Buy” and an average price target of $33.28.

NYSE:SUM traded down $0.80 during mid-day trading on Friday, reaching $28.90. The company’s stock had a trading volume of 697,920 shares, compared to its average volume of 1,104,966. The company has a current ratio of 3.13, a quick ratio of 2.40 and a debt-to-equity ratio of 1.42. Summit Materials has a twelve month low of $24.18 and a twelve month high of $34.06. The firm has a market cap of $3,277.84, a price-to-earnings ratio of 31.08, a PEG ratio of 1.88 and a beta of 1.71.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The firm had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. During the same period last year, the company earned $0.06 EPS. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. research analysts forecast that Summit Materials will post 1.51 earnings per share for the current fiscal year.

In other Summit Materials news, insider Anne Lee Benedict sold 26,167 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $32.32, for a total value of $845,717.44. Following the sale, the insider now directly owns 27,258 shares of the company’s stock, valued at approximately $880,978.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, March 27th. The stock was sold at an average price of $30.28, for a total value of $378,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,602 shares in the company, valued at $4,106,028.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 601,883 shares of company stock worth $18,758,351. 1.97% of the stock is owned by corporate insiders.

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About Summit Materials

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.

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

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