Rhumbline Advisers Has $3.91 Million Holdings in Summit Materials, Inc. (SUM)
Rhumbline Advisers grew its stake in Summit Materials, Inc. (NYSE:SUM) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,975 shares of the construction company’s stock after buying an additional 3,549 shares during the quarter. Rhumbline Advisers owned approximately 0.11% of Summit Materials worth $3,907,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. American Century Companies Inc. boosted its stake in shares of Summit Materials by 2.7% in the second quarter. American Century Companies Inc. now owns 325,245 shares of the construction company’s stock worth $9,390,000 after acquiring an additional 8,490 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Summit Materials by 23.9% in the second quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after acquiring an additional 645,543 shares during the period. First Trust Advisors LP boosted its stake in shares of Summit Materials by 210.8% in the second quarter. First Trust Advisors LP now owns 147,795 shares of the construction company’s stock worth $4,267,000 after acquiring an additional 100,244 shares during the period. Castleark Management LLC bought a new position in shares of Summit Materials in the second quarter worth about $10,958,000. Finally, Janus Henderson Group PLC bought a new position in shares of Summit Materials in the second quarter worth about $121,836,000.
Shares of Summit Materials, Inc. (NYSE:SUM) traded down $0.59 on Thursday, reaching $30.64. The company’s stock had a trading volume of 615,600 shares, compared to its average volume of 1,454,306. Summit Materials, Inc. has a 12 month low of $22.19 and a 12 month high of $32.69. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48. The firm has a market cap of $3,280.00 and a PE ratio of 33.95.
In other Summit Materials news, EVP Damian John Murphy sold 100,000 shares of Summit Materials stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the completion of the transaction, the executive vice president now owns 104,398 shares in the company, valued at approximately $3,200,842.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas A. Beck sold 18,354 shares of Summit Materials stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $29.31, for a total value of $537,955.74. The disclosure for this sale can be found here. Insiders have sold a total of 207,178 shares of company stock valued at $6,377,601 in the last quarter. Company insiders own 1.97% of the company’s stock.
A number of research firms have recently weighed in on SUM. Bank of America upped their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $35.00 price objective (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. SunTrust Banks set a $38.00 price target on Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Finally, BidaskClub downgraded Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $31.42.
ILLEGAL ACTIVITY WARNING: This report was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this report on another domain, it was copied illegally and reposted in violation of U.S. & international copyright law. The correct version of this report can be accessed at https://www.thecerbatgem.com/2017/12/07/rhumbline-advisers-has-3-91-million-holdings-in-summit-materials-inc-sum.html.
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).
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.