Select Equity Group L.P. Increases Position in Summit Materials, Inc. (NYSE:SUM)

Select Equity Group L.P. grew its holdings in Summit Materials, Inc. (NYSE:SUM) by 267.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 127,948 shares of the construction company’s stock after acquiring an additional 93,172 shares during the quarter. Select Equity Group L.P.’s holdings in Summit Materials were worth $3,585,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Panagora Asset Management Inc. purchased a new stake in shares of Summit Materials in the first quarter valued at about $25,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Summit Materials during the first quarter worth about $32,000. Ameritas Investment Company LLC acquired a new position in shares of Summit Materials during the first quarter worth about $34,000. Neo Ivy Capital Management acquired a new position in shares of Summit Materials during the fourth quarter worth about $53,000. Finally, Strs Ohio acquired a new position in shares of Summit Materials during the first quarter worth about $78,000. 98.41% of the stock is owned by institutional investors and hedge funds.

SUM traded up $1.08 on Thursday, hitting $33.22. 744,773 shares of the company were exchanged, compared to its average volume of 708,732. Summit Materials, Inc. has a fifty-two week low of $14.36 and a fifty-two week high of $37.13. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 33.13 and a beta of 1.32. The company has a quick ratio of 2.01, a current ratio of 2.67 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average price of $34.13.

Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Monday, May 10th. The construction company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.20. Summit Materials had a net margin of 6.70% and a return on equity of 7.20%. The company had revenue of $398.50 million for the quarter, compared to the consensus estimate of $353.77 million. During the same quarter in the prior year, the firm earned ($0.48) earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, sell-side analysts predict that Summit Materials, Inc. will post 1.28 earnings per share for the current fiscal year.

SUM has been the topic of a number of recent analyst reports. Stephens boosted their price target on shares of Summit Materials from $35.00 to $37.00 and gave the stock an “overweight” rating in a research note on Thursday, May 13th. The Goldman Sachs Group upgraded shares of Summit Materials from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $35.00 in a research note on Monday, May 31st. JPMorgan Chase & Co. boosted their price target on shares of Summit Materials from $27.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 26th. Barclays upped their target price on shares of Summit Materials from $22.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 12th. Finally, Morgan Stanley upped their target price on shares of Summit Materials from $33.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $32.00.

In other Summit Materials news, Director Howard L. Lance sold 82,500 shares of the company’s stock in a transaction dated Tuesday, June 15th. The shares were sold at an average price of $34.53, for a total value of $2,848,725.00. Following the sale, the director now owns 93,994 shares of the company’s stock, valued at $3,245,612.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by corporate insiders.

Summit Materials Profile

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

Further Reading: What is meant by a buy rating?

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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