Macquarie Group Ltd. Buys Shares of 31,200 Summit Materials, Inc. (SUM)

Macquarie Group Ltd. bought a new position in Summit Materials, Inc. (NYSE:SUM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 31,200 shares of the construction company’s stock, valued at approximately $999,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC boosted its stake in shares of Summit Materials by 89.7% in the third quarter. SG Americas Securities LLC now owns 20,267 shares of the construction company’s stock worth $649,000 after buying an additional 9,583 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Summit Materials by 8.1% in the third quarter. Advisors Asset Management Inc. now owns 129,981 shares of the construction company’s stock worth $4,163,000 after buying an additional 9,779 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Summit Materials by 4.3% in the third quarter. Bank of New York Mellon Corp now owns 842,036 shares of the construction company’s stock worth $26,971,000 after buying an additional 35,033 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Summit Materials by 3.0% in the third quarter. Rhumbline Advisers now owns 121,975 shares of the construction company’s stock worth $3,907,000 after buying an additional 3,549 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Summit Materials by 36.9% in the third quarter. Sei Investments Co. now owns 278,064 shares of the construction company’s stock worth $8,906,000 after buying an additional 74,916 shares during the last quarter.

In other Summit Materials news, insider Thomas A. Beck sold 18,354 shares of the stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $29.31, for a total transaction of $537,955.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $30.84, for a total value of $385,500.00. Following the transaction, the insider now directly owns 201,810 shares of the company’s stock, valued at approximately $6,223,820.40. The disclosure for this sale can be found here. Insiders have sold 219,678 shares of company stock valued at $6,763,101 in the last three months. Insiders own 1.97% of the company’s stock.

A number of brokerages have issued reports on SUM. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. SunTrust Banks set a $38.00 price target on Summit Materials and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Bank of America increased their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Royal Bank Of Canada reiterated a “buy” rating on shares of Summit Materials in a research report on Thursday, November 2nd. Finally, Canaccord Genuity reiterated a “buy” rating and set a $12.50 price target on shares of Summit Materials in a research report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.42.

Shares of Summit Materials, Inc. (NYSE:SUM) traded up $1.00 during mid-day trading on Friday, reaching $32.43. The company’s stock had a trading volume of 1,570,000 shares, compared to its average volume of 1,270,000. The stock has a market capitalization of $3,520.00 and a P/E ratio of 35.74. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. Summit Materials, Inc. has a 52 week low of $21.88 and a 52 week high of $32.59.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). The business had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.73 EPS. equities research analysts anticipate that Summit Materials, Inc. will post 1.01 EPS for the current year.

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Summit Materials Company Profile

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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