Summit Materials Inc (NYSE:SUM) Stock Position Cut by Comerica Bank

Comerica Bank lessened its stake in Summit Materials Inc (NYSE:SUM) by 3.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,671 shares of the construction company’s stock after selling 1,648 shares during the period. Comerica Bank’s holdings in Summit Materials were worth $713,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SUM. Oppenheimer Asset Management Inc. increased its holdings in Summit Materials by 27.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,516 shares of the construction company’s stock worth $103,000 after buying an additional 1,388 shares during the last quarter. Pearl River Capital LLC acquired a new position in Summit Materials during the fourth quarter valued at approximately $26,000. Bank of Montreal Can grew its holdings in Summit Materials by 42.8% during the fourth quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after purchasing an additional 3,275 shares during the last quarter. Xact Kapitalforvaltning AB grew its holdings in Summit Materials by 21.6% during the fourth quarter. Xact Kapitalforvaltning AB now owns 21,364 shares of the construction company’s stock valued at $265,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Summit Materials by 18.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,742 shares of the construction company’s stock valued at $418,000 after purchasing an additional 5,330 shares during the last quarter.

Shares of Summit Materials stock traded up $0.65 on Friday, reaching $19.15. 5,985,600 shares of the company were exchanged, compared to its average volume of 1,821,248. The company has a quick ratio of 1.14, a current ratio of 1.97 and a debt-to-equity ratio of 1.47. The firm has a market cap of $1.94 billion, a P/E ratio of 127.67, a price-to-earnings-growth ratio of 2.04 and a beta of 2.00. Summit Materials Inc has a one year low of $11.25 and a one year high of $27.40. The firm’s 50-day moving average is $16.07.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 8th. The construction company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.11. The company had revenue of $305.95 million for the quarter, compared to analyst estimates of $312.42 million. Summit Materials had a return on equity of 1.78% and a net margin of 0.97%. Summit Materials’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.55) EPS. Analysts anticipate that Summit Materials Inc will post 0.77 EPS for the current year.

A number of research firms recently issued reports on SUM. Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Wednesday, March 20th. Barclays set a $18.00 target price on Summit Materials and gave the stock a “hold” rating in a research report on Friday, June 14th. Berenberg Bank started coverage on Summit Materials in a report on Wednesday, April 3rd. They set a “hold” rating and a $18.00 price objective on the stock. Finally, JPMorgan Chase & Co. started coverage on Summit Materials in a report on Thursday, March 21st. They set a “neutral” rating and a $19.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. Summit Materials has a consensus rating of “Hold” and an average target price of $19.90.

Summit Materials Company 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.

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

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