Summit Materials (NYSE:SUM) Position Lowered by Rhumbline Advisers

Rhumbline Advisers lowered its holdings in Summit Materials (NYSE:SUM) by 14.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,678 shares of the construction company’s stock after selling 17,297 shares during the period. Rhumbline Advisers owned approximately 0.10% of Summit Materials worth $3,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SUM. Global X Management Co. LLC boosted its stake in Summit Materials by 77.6% during the 4th quarter. Global X Management Co. LLC now owns 7,585 shares of the construction company’s stock valued at $238,000 after acquiring an additional 3,315 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Summit Materials by 3.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 83,661 shares of the construction company’s stock valued at $2,629,000 after purchasing an additional 2,760 shares during the last quarter. First Washington CORP lifted its position in Summit Materials by 1.4% in the 4th quarter. First Washington CORP now owns 148,648 shares of the construction company’s stock valued at $4,673,000 after purchasing an additional 2,038 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Summit Materials by 27.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 28,594 shares of the construction company’s stock valued at $899,000 after purchasing an additional 6,107 shares during the last quarter. Finally, Swiss National Bank lifted its position in Summit Materials by 4.7% in the 4th quarter. Swiss National Bank now owns 185,659 shares of the construction company’s stock valued at $5,837,000 after purchasing an additional 8,263 shares during the last quarter.

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In other Summit Materials news, CEO Thomas W. Hill sold 447,959 shares of the company’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $31.02, for a total transaction of $13,895,688.18. Following the completion of the transaction, the chief executive officer now owns 146,245 shares of the company’s stock, valued at approximately $4,536,519.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 27th. The shares were 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 of the company’s stock, valued at approximately $4,106,028.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 601,883 shares of company stock valued at $18,758,351. 1.97% of the stock is owned by company insiders.

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

Shares of NYSE:SUM traded down $0.80 on Friday, hitting $28.90. The stock had a trading volume of 697,920 shares, compared to its average volume of 1,104,966. The company has a market capitalization of $3,277.84, a PE ratio of 31.08, a P/E/G ratio of 1.88 and a beta of 1.71. The company has a debt-to-equity ratio of 1.42, a quick ratio of 2.40 and a current ratio of 3.13. Summit Materials has a twelve month low of $24.18 and a twelve month high of $34.06.

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 the Thomson Reuters’ consensus estimate of $0.22 by $0.24. The business had revenue of $490.02 million for the quarter, compared to the consensus estimate of $449.45 million. Summit Materials had a net margin of 6.19% and a return on equity of 11.51%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. analysts forecast that Summit Materials will post 1.51 EPS for the current year.

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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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