Clearfield Capital Management LP increased its stake in shares of Summit Materials Inc (NYSE:SUM) by 13.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 754,188 shares of the construction company’s stock after acquiring an additional 90,000 shares during the quarter. Summit Materials makes up about 5.0% of Clearfield Capital Management LP’s portfolio, making the stock its 8th largest position. Clearfield Capital Management LP owned approximately 0.68% of Summit Materials worth $19,797,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Millennium Management LLC bought a new stake in Summit Materials in the fourth quarter valued at about $559,000. Global X Management Co. LLC increased its holdings in Summit Materials by 199.4% in the first quarter. Global X Management Co. LLC now owns 22,713 shares of the construction company’s stock valued at $688,000 after buying an additional 15,128 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Summit Materials by 15.2% in the first quarter. Wells Fargo & Company MN now owns 256,283 shares of the construction company’s stock valued at $7,761,000 after buying an additional 33,748 shares during the last quarter. SG Americas Securities LLC increased its holdings in Summit Materials by 484.3% in the first quarter. SG Americas Securities LLC now owns 29,293 shares of the construction company’s stock valued at $887,000 after buying an additional 24,280 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Summit Materials in the first quarter valued at about $123,000.
Shares of SUM stock opened at $20.84 on Friday. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26. Summit Materials Inc has a 52 week low of $19.60 and a 52 week high of $34.06. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 1.90 and a beta of 1.50.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 1st. The construction company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.24). Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The company had revenue of $549.24 million during the quarter, compared to analyst estimates of $546.76 million. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The business’s revenue was up 14.8% on a year-over-year basis. analysts predict that Summit Materials Inc will post 1.07 earnings per share for the current fiscal year.
Several analysts recently weighed in on SUM shares. Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Thursday, May 10th. Stephens set a $24.00 price objective on Summit Materials and gave the company a “buy” rating in a report on Thursday, August 2nd. Royal Bank of Canada restated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Sunday, July 1st. SunTrust Banks decreased their target price on Summit Materials from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 30th. Finally, ValuEngine downgraded Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Summit Materials presently has a consensus rating of “Buy” and an average target price of $30.41.
In other news, CEO Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $27.62, for a total transaction of $345,250.00. Following the completion of the transaction, the chief executive officer now directly owns 135,602 shares in the company, valued at $3,745,327.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Karl Watson acquired 35,500 shares of Summit Materials stock in a transaction dated Friday, August 3rd. The shares were acquired at an average price of $21.15 per share, with a total value of $750,825.00. Following the completion of the transaction, the chief operating officer now owns 23,700 shares of the company’s stock, valued at approximately $501,255. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 37,500 shares of company stock valued at $999,875. 1.50% of the stock is currently owned by insiders.
Summit Materials Company Profile
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.
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