Epoch Investment Partners Inc. lifted its position in Summit Materials Inc (NYSE:SUM) by 20.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,729,223 shares of the construction company’s stock after purchasing an additional 288,487 shares during the quarter. Epoch Investment Partners Inc. owned about 1.55% of Summit Materials worth $31,438,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in SUM. Cubist Systematic Strategies LLC increased its stake in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after acquiring an additional 7,420 shares during the last quarter. Lapides Asset Management LLC increased its stake in Summit Materials by 329.3% in the third quarter. Lapides Asset Management LLC now owns 428,007 shares of the construction company’s stock valued at $7,781,000 after acquiring an additional 328,300 shares during the last quarter. Global X Management Co LLC increased its stake in Summit Materials by 17.9% in the second quarter. Global X Management Co LLC now owns 26,780 shares of the construction company’s stock valued at $703,000 after acquiring an additional 4,067 shares during the last quarter. Osterweis Capital Management Inc. increased its stake in Summit Materials by 99.3% in the second quarter. Osterweis Capital Management Inc. now owns 220,425 shares of the construction company’s stock valued at $5,786,000 after acquiring an additional 109,825 shares during the last quarter. Finally, Clearfield Capital Management LP increased its stake in Summit Materials by 13.6% in the second quarter. Clearfield Capital Management LP now owns 754,188 shares of the construction company’s stock valued at $19,797,000 after acquiring an additional 90,000 shares during the last quarter.
NYSE SUM opened at $13.08 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.30 and a debt-to-equity ratio of 1.33. Summit Materials Inc has a 12-month low of $11.67 and a 12-month high of $34.06. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 3.13 and a beta of 1.81.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.21). Summit Materials had a net margin of 4.64% and a return on equity of 6.74%. The business had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $638.93 million. During the same quarter in the previous year, the company earned $0.73 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Sell-side analysts predict that Summit Materials Inc will post 0.41 earnings per share for the current fiscal year.
SUM has been the topic of a number of research analyst reports. ValuEngine cut Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus reissued a “buy” rating and issued a $25.00 target price on shares of Summit Materials in a research note on Thursday, November 8th. Citigroup set a $21.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Thursday, November 8th. Royal Bank of Canada set a $18.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Wednesday, November 7th. Finally, Stephens set a $21.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Wednesday, October 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $26.70.
In other Summit Materials news, CFO Brian James Harris purchased 5,000 shares of the business’s stock in a transaction on Thursday, November 8th. The stock was acquired at an average cost of $14.12 per share, for a total transaction of $70,600.00. Following the completion of the transaction, the chief financial officer now directly owns 72,584 shares in the company, valued at approximately $1,024,886.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas A. Beck purchased 10,000 shares of the business’s stock in a transaction on Monday, November 19th. The shares were acquired at an average price of $13.97 per share, with a total value of $139,700.00. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
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Summit Materials 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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