Public Employees Retirement Association of Colorado Has $25.80 Million Position in Summit Materials, Inc. (SUM)

Public Employees Retirement Association of Colorado raised its position in Summit Materials, Inc. (NYSE:SUM) by 68.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 893,800 shares of the construction company’s stock after buying an additional 362,500 shares during the period. Public Employees Retirement Association of Colorado owned approximately 0.84% of Summit Materials worth $25,804,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Strs Ohio increased its stake in shares of Summit Materials by 39.7% in the second quarter. Strs Ohio now owns 10,900 shares of the construction company’s stock valued at $314,000 after buying an additional 3,100 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Summit Materials by 18.2% in the second quarter. Russell Investments Group Ltd. now owns 1,483,372 shares of the construction company’s stock valued at $42,821,000 after buying an additional 227,893 shares during the period. Insight Capital Research & Management Inc. bought a new stake in shares of Summit Materials during the second quarter valued at about $1,044,000. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Summit Materials during the second quarter valued at about $34,909,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Summit Materials during the first quarter valued at about $9,293,000.

Shares of Summit Materials, Inc. (NYSE:SUM) opened at 29.33 on Thursday. Summit Materials, Inc. has a 1-year low of $17.48 and a 1-year high of $29.72. The company has a market cap of $3.15 billion, a PE ratio of 49.97 and a beta of 2.06. The firm’s 50 day moving average is $28.72 and its 200-day moving average is $26.33.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The business had revenue of $478.37 million during the quarter, compared to analysts’ expectations of $469.91 million. During the same period last year, the company earned $0.46 earnings per share. The firm’s revenue was up 15.9% compared to the same quarter last year. Equities analysts expect that Summit Materials, Inc. will post $1.23 earnings per share for the current year.

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Several brokerages have issued reports on SUM. Royal Bank Of Canada restated an “outperform” rating and set a $35.00 price objective (up from $33.00) on shares of Summit Materials in a research report on Wednesday. BidaskClub raised shares of Summit Materials from a “strong sell” rating to a “sell” rating in a report on Thursday. Stifel Nicolaus reaffirmed a “buy” rating and set a $35.00 target price on shares of Summit Materials in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $30.43.

In related news, insider Thomas W. Hill sold 250,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $29.30, for a total value of $7,325,000.00. Following the completion of the sale, the insider now directly owns 70,610 shares of the company’s stock, valued at $2,068,873. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $26.94, for a total transaction of $336,750.00. Following the completion of the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at $555,233.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 398,947 shares of company stock valued at $11,502,275. 1.97% of the stock is owned by insiders.

About Summit Materials

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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