Rhumbline Advisers lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 3.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 118,426 shares of the construction company’s stock after selling 4,255 shares during the period. Rhumbline Advisers owned 0.11% of Summit Materials worth $3,419,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Teacher Retirement System of Texas raised its holdings in shares of Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after buying an additional 64 shares during the last quarter. Princeton Capital Management Inc. raised its holdings in shares of Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 34,915 shares of the construction company’s stock worth $1,008,000 after buying an additional 815 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Summit Materials by 1.0% in the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock worth $5,204,000 after buying an additional 2,098 shares during the last quarter.

TRADEMARK VIOLATION WARNING: “Summit Materials, Inc. (SUM) Shares Sold by Rhumbline Advisers” was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another website, it was illegally copied and reposted in violation of United States & international copyright & trademark law. The original version of this piece can be accessed at https://www.thecerbatgem.com/2017/09/08/summit-materials-inc-sum-shares-sold-by-rhumbline-advisers.html.

Summit Materials, Inc. (SUM) opened at 30.29 on Friday. Summit Materials, Inc. has a one year low of $17.27 and a one year high of $30.60. The company’s 50 day moving average is $28.71 and its 200 day moving average is $26.87. The stock has a market cap of $3.26 billion, a PE ratio of 67.31 and a beta of 2.05.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results 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. The business had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. On average, equities research analysts expect that Summit Materials, Inc. will post $1.22 EPS for the current year.

In related news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $27.77, for a total transaction of $347,125.00. Following the completion of the sale, the insider now owns 20,610 shares in the company, valued at approximately $572,339.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Anne Lee Benedict sold 7,500 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $28.48, for a total transaction of $213,600.00. Following the sale, the insider now owns 11,213 shares of the company’s stock, valued at approximately $319,346.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 482,021 shares of company stock valued at $13,990,105. 1.97% of the stock is owned by company insiders.

A number of research analysts have issued reports on SUM shares. BidaskClub cut shares of Summit Materials from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Longbow Research started coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target for the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. 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. Summit Materials has an average rating of “Buy” and a consensus price target of $30.43.

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.

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 & Stock Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related stocks with our FREE daily email newsletter.