Penn Capital Management Co. Inc. raised its holdings in Summit Materials Inc (NYSE:SUM) by 26.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 909,376 shares of the construction company’s stock after purchasing an additional 190,966 shares during the period. Summit Materials comprises approximately 1.5% of Penn Capital Management Co. Inc.’s holdings, making the stock its 3rd largest holding. Penn Capital Management Co. Inc.’s holdings in Summit Materials were worth $15,393,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pearl River Capital LLC bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $26,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $64,000. FCA Corp TX bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $106,000. Bank of Montreal Can increased its holdings in shares of Summit Materials by 42.8% in the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after acquiring an additional 3,275 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $139,000.

In related news, CEO Thomas W. Hill bought 31,250 shares of Summit Materials stock in a transaction dated Friday, February 15th. The stock was acquired at an average cost of $16.25 per share, with a total value of $507,812.50. Following the completion of the acquisition, the chief executive officer now directly owns 135,652 shares in the company, valued at approximately $2,204,345. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.76% of the company’s stock.

SUM has been the subject of a number of research analyst reports. Zacks Investment Research upgraded 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. Scotiabank reiterated a “hold” rating on shares of Summit Materials in a report on Thursday, February 14th. Berenberg Bank initiated coverage on Summit Materials in a report on Wednesday, April 3rd. They issued a “hold” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. began coverage on Summit Materials in a report on Thursday, March 21st. They issued a “neutral” rating and a $19.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Summit Materials presently has an average rating of “Hold” and an average price target of $21.82.

Shares of NYSE SUM traded down $0.16 during mid-day trading on Wednesday, hitting $16.26. 41,836 shares of the company traded hands, compared to its average volume of 1,605,107. Summit Materials Inc has a 1 year low of $11.25 and a 1 year high of $30.02. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 108.40, a P/E/G ratio of 1.85 and a beta of 1.92. The company has a quick ratio of 1.14, a current ratio of 1.97 and a debt-to-equity ratio of 1.47.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, May 8th. The construction company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.11. Summit Materials had a return on equity of 1.78% and a net margin of 0.97%. The business had revenue of $305.95 million during the quarter, compared to the consensus estimate of $312.42 million. During the same period in the prior year, the business posted ($0.55) earnings per share. Summit Materials’s revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts expect that Summit Materials Inc will post 0.78 EPS for the current fiscal year.

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About Summit Materials

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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