Summit Materials Inc (SUM) Holdings Cut by Deutsche Bank AG

Deutsche Bank AG lowered its stake in shares of Summit Materials Inc (NYSE:SUM) by 82.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 637,847 shares of the construction company’s stock after selling 3,001,953 shares during the period. Deutsche Bank AG’s holdings in Summit Materials were worth $20,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. American International Group Inc. boosted its holdings in Summit Materials by 8.1% during the third quarter. American International Group Inc. now owns 71,796 shares of the construction company’s stock worth $2,300,000 after buying an additional 5,368 shares during the last quarter. Legal & General Group Plc boosted its holdings in Summit Materials by 6.0% during the third quarter. Legal & General Group Plc now owns 90,409 shares of the construction company’s stock worth $2,895,000 after buying an additional 5,096 shares during the last quarter. Swiss National Bank boosted its holdings in Summit Materials by 4.7% during the fourth quarter. Swiss National Bank now owns 185,659 shares of the construction company’s stock worth $5,837,000 after buying an additional 8,263 shares during the last quarter. Macquarie Group Ltd. bought a new position in Summit Materials during the third quarter worth about $999,000. Finally, California Public Employees Retirement System boosted its holdings in Summit Materials by 4.6% during the fourth quarter. California Public Employees Retirement System now owns 221,762 shares of the construction company’s stock worth $6,972,000 after buying an additional 9,762 shares during the last quarter.

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In related news, CEO Thomas W. Hill sold 447,959 shares of Summit Materials stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $31.02, for a total value of $13,895,688.18. Following the sale, the chief executive officer now owns 146,245 shares of the company’s stock, valued at approximately $4,536,519.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $31.24, for a total value of $390,500.00. Following the completion of the sale, the insider now directly owns 176,810 shares in the company, valued at approximately $5,523,544.40. The disclosure for this sale can be found here. In the last three months, insiders sold 589,383 shares of company stock worth $18,379,851. 1.97% of the stock is owned by insiders.

A number of equities analysts have issued reports on the company. TheStreet upgraded Summit Materials from a “c” rating to a “b” rating in a report on Monday, March 19th. ValuEngine raised Summit Materials from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research raised Summit Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Royal Bank of Canada set a $37.00 price target on Summit Materials and gave the stock a “buy” rating in a research report on Thursday, February 15th. Finally, Deutsche Bank raised their price target on Summit Materials from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $33.28.

Shares of SUM stock opened at $30.14 on Friday. The company has a market capitalization of $3,430.14, a PE ratio of 29.16, a PEG ratio of 1.97 and a beta of 1.72. The company has a current ratio of 3.13, a quick ratio of 2.40 and a debt-to-equity ratio of 1.42. Summit Materials Inc has a 1 year low of $22.19 and a 1 year high of $34.06.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The company had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. During the same quarter last year, the firm posted $0.06 earnings per share. Summit Materials’s revenue was up 15.8% compared to the same quarter last year. research analysts forecast that Summit Materials Inc will post 1.51 EPS for the current year.

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Summit Materials Company Profile

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.

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

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