Commonwealth Equity Services LLC Increases Holdings in Summit Materials, Inc. (NYSE:SUM)

Commonwealth Equity Services LLC increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 22.1% in the first quarter, Holdings Channel reports. The firm owned 45,935 shares of the construction company’s stock after acquiring an additional 8,313 shares during the period. Commonwealth Equity Services LLC’s holdings in Summit Materials were worth $2,047,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC boosted its position in Summit Materials by 94.6% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 192,349 shares of the construction company’s stock valued at $7,398,000 after buying an additional 93,487 shares during the last quarter. River Road Asset Management LLC boosted its position in Summit Materials by 6.8% in the 4th quarter. River Road Asset Management LLC now owns 1,727,475 shares of the construction company’s stock valued at $66,439,000 after buying an additional 109,985 shares during the last quarter. Harvey Capital Management Inc. purchased a new position in Summit Materials in the 4th quarter valued at about $1,167,000. Charles Schwab Investment Management Inc. boosted its position in Summit Materials by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,445,466 shares of the construction company’s stock valued at $55,593,000 after buying an additional 28,515 shares during the last quarter. Finally, Norges Bank purchased a new position in Summit Materials in the 4th quarter valued at about $49,437,000.

Summit Materials Stock Performance

Summit Materials stock traded down $0.13 during mid-day trading on Friday, hitting $36.05. 459,493 shares of the company’s stock traded hands, compared to its average volume of 966,799. The firm has a 50 day moving average price of $38.35 and a 200 day moving average price of $39.25. The company has a quick ratio of 1.93, a current ratio of 2.58 and a debt-to-equity ratio of 0.66. The company has a market cap of $6.33 billion, a PE ratio of 16.09 and a beta of 1.15. Summit Materials, Inc. has a one year low of $29.98 and a one year high of $44.89.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SUM shares. Royal Bank of Canada upped their price objective on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research report on Friday, May 3rd. Wolfe Research upgraded shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 target price on the stock in a research note on Wednesday, May 15th. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. Stifel Nicolaus cut their target price on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Barclays upped their target price on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.08.

Insider Activity

In other news, insider Jason Kilgore sold 50,589 shares of Summit Materials stock in a transaction on Monday, May 13th. The stock was sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares in the company, valued at approximately $2,437,932.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

About Summit Materials

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.