Advisors Asset Management Inc. Buys 10,411 Shares of Summit Materials, Inc. (NYSE:SUM)

Advisors Asset Management Inc. raised its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 14.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,476 shares of the construction company’s stock after purchasing an additional 10,411 shares during the period. Advisors Asset Management Inc.’s holdings in Summit Materials were worth $3,721,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SUM. Norges Bank bought a new position in shares of Summit Materials during the 4th quarter valued at about $49,437,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 20.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,650,459 shares of the construction company’s stock valued at $255,777,000 after acquiring an additional 1,137,500 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after acquiring an additional 262,179 shares during the last quarter. Stephens Inc. AR bought a new position in shares of Summit Materials in the 4th quarter valued at about $5,148,000. Finally, Clearbridge Investments LLC lifted its holdings in shares of Summit Materials by 3.8% in the 4th quarter. Clearbridge Investments LLC now owns 3,177,677 shares of the construction company’s stock valued at $122,213,000 after acquiring an additional 116,540 shares during the last quarter.

Analyst Upgrades and Downgrades

SUM has been the subject of a number of analyst reports. Royal Bank of Canada increased their price target on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. Citigroup lowered their price target on shares of Summit Materials from $51.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Wednesday, May 15th. Stephens increased their price objective on shares of Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Trading Up 3.2 %

Shares of NYSE:SUM traded up $1.25 during trading on Friday, reaching $40.11. 1,124,664 shares of the company were exchanged, compared to its average volume of 978,438. The firm has a market capitalization of $7.04 billion, a PE ratio of 17.35 and a beta of 1.15. The business’s fifty day simple moving average is $37.77 and its 200-day simple moving average is $39.24. Summit Materials, Inc. has a 12-month low of $29.98 and a 12-month high of $44.89. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.58 and a quick ratio of 1.93.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 1st. The construction company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11. The business had revenue of $773.23 million for the quarter, compared to analyst estimates of $803.98 million. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The company’s quarterly revenue was up 89.9% compared to the same quarter last year. During the same period last year, the company posted ($0.26) earnings per share. On average, research analysts anticipate that Summit Materials, Inc. will post 1.82 EPS for the current year.

Insider Transactions at Summit Materials

In related news, insider Jason Kilgore sold 50,589 shares of Summit Materials stock in a transaction that occurred on Monday, May 13th. The shares were 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 of the company’s stock, valued at $2,437,932.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

Summit Materials Company Profile

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.