RMB Capital Management LLC Sells 69,095 Shares of Summit Materials Inc (NYSE:SUM)

RMB Capital Management LLC reduced its stake in Summit Materials Inc (NYSE:SUM) by 38.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,691 shares of the construction company’s stock after selling 69,095 shares during the quarter. RMB Capital Management LLC’s holdings in Summit Materials were worth $2,150,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SUM. Janus Henderson Group PLC increased its holdings in shares of Summit Materials by 8.0% during the second quarter. Janus Henderson Group PLC now owns 9,831,283 shares of the construction company’s stock worth $189,252,000 after purchasing an additional 730,386 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Summit Materials by 8.0% during the first quarter. Principal Financial Group Inc. now owns 4,879,607 shares of the construction company’s stock worth $77,439,000 after purchasing an additional 362,331 shares during the period. Eagle Asset Management Inc. increased its holdings in shares of Summit Materials by 2.9% during the second quarter. Eagle Asset Management Inc. now owns 3,221,682 shares of the construction company’s stock worth $62,017,000 after purchasing an additional 90,210 shares during the period. Westfield Capital Management Co. LP increased its holdings in shares of Summit Materials by 6.8% during the first quarter. Westfield Capital Management Co. LP now owns 2,824,928 shares of the construction company’s stock worth $44,832,000 after purchasing an additional 179,360 shares during the period. Finally, FMR LLC increased its holdings in shares of Summit Materials by 1.9% during the first quarter. FMR LLC now owns 2,735,230 shares of the construction company’s stock worth $43,408,000 after purchasing an additional 50,440 shares during the period.

Shares of NYSE SUM traded up $0.09 during trading hours on Monday, hitting $22.64. 28,043 shares of the stock were exchanged, compared to its average volume of 1,227,106. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.38 and a current ratio of 2.06. The company has a market cap of $2.52 billion, a PE ratio of 151.03 and a beta of 2.16. The company’s fifty day simple moving average is $19.98 and its two-hundred day simple moving average is $17.58. Summit Materials Inc has a 1-year low of $11.25 and a 1-year high of $23.10.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.07). The firm had revenue of $600.90 million for the quarter, compared to analyst estimates of $583.06 million. Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.32 EPS. As a group, sell-side analysts expect that Summit Materials Inc will post 0.62 EPS for the current fiscal year.

SUM has been the topic of several recent research reports. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 6th. Barclays set a $18.00 target price on shares of Summit Materials and gave the stock a “hold” rating in a report on Friday, June 14th. JPMorgan Chase & Co. raised their target price on shares of Summit Materials from $19.00 to $22.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Finally, ValuEngine raised shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Summit Materials presently has a consensus rating of “Buy” and a consensus target price of $20.30.

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 in 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: Blockchain

Want to see what other hedge funds are holding SUM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Materials Inc (NYSE:SUM).

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

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.