Price T Rowe Associates Inc. MD Boosts Stock Position in Summit Materials, Inc. (NYSE:SUM)

Price T Rowe Associates Inc. MD grew its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,837,110 shares of the construction company’s stock after buying an additional 22,840 shares during the period. Price T Rowe Associates Inc. MD owned 5.04% of Summit Materials worth $393,871,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC lifted its position in shares of Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after buying an additional 343 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock worth $29,000 after purchasing an additional 399 shares in the last quarter. Register Financial Advisors LLC purchased a new position in Summit Materials in the 1st quarter worth approximately $45,000. Quadrant Capital Group LLC lifted its holdings in Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after purchasing an additional 382 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Summit Materials in the 1st quarter worth approximately $102,000.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Stifel Nicolaus lowered their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Citigroup lowered their price target on Summit Materials from $51.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Royal Bank of Canada boosted their price target on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a report on Friday, May 3rd. Wolfe Research raised Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research note on Wednesday, May 15th. Finally, Stephens lifted their price objective on Summit Materials from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.40.

Summit Materials Trading Up 0.5 %

Shares of NYSE SUM traded up $0.22 during trading hours on Monday, hitting $40.33. 148,094 shares of the company traded hands, compared to its average volume of 972,581. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 17.91 and a beta of 1.15. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66. The company’s 50 day moving average price is $37.77 and its 200 day moving average price is $39.29. Summit Materials, Inc. has a 12 month low of $29.98 and a 12 month high of $44.89.

Summit Materials (NYSE:SUM) last released 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. The firm had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The company’s revenue for the quarter was up 89.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.26) EPS. On average, equities research analysts anticipate that Summit Materials, Inc. will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jason Kilgore sold 50,589 shares of the business’s stock in a transaction that occurred 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 owns 60,630 shares of the company’s stock, valued at approximately $2,437,932.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Summit Materials 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.