Russell Investments Group Ltd. Grows Position in Summit Materials, Inc. (NYSE:SUM)

Russell Investments Group Ltd. raised its position in Summit Materials, Inc. (NYSE:SUM – Get Rating) by 32.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,565 shares of the construction company’s stock after purchasing an additional 15,048 shares during the quarter. Russell Investments Group Ltd. owned 0.05% of Summit Materials worth $1,748,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Arizona State Retirement System grew its stake in Summit Materials by 5.8% during the 4th quarter. Arizona State Retirement System now owns 33,948 shares of the construction company’s stock valued at $964,000 after purchasing an additional 1,855 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Summit Materials by 3.8% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 32,356 shares of the construction company’s stock worth $919,000 after buying an additional 1,181 shares during the last quarter. Waycross Investment Management Co bought a new position in Summit Materials during the 4th quarter worth approximately $1,073,000. Commonwealth Equity Services LLC lifted its holdings in Summit Materials by 4.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 22,503 shares of the construction company’s stock worth $638,000 after buying an additional 868 shares during the last quarter. Finally, Benjamin Edwards Inc. lifted its holdings in Summit Materials by 5.5% during the 4th quarter. Benjamin Edwards Inc. now owns 8,212 shares of the construction company’s stock worth $233,000 after buying an additional 429 shares during the last quarter.

Summit Materials Stock Performance

SUM stock opened at $32.34 on Tuesday. The business’s fifty day moving average is $28.25 and its 200-day moving average is $29.61. The company has a quick ratio of 2.52, a current ratio of 3.42 and a debt-to-equity ratio of 0.75. The company has a market cap of $3.84 billion, a P/E ratio of 14.18 and a beta of 1.41. Summit Materials, Inc. has a twelve month low of $21.99 and a twelve month high of $34.40.

Summit Materials (NYSE:SUM – Get Rating) last released its earnings results on Wednesday, May 3rd. The construction company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.12. Summit Materials had a return on equity of 8.28% and a net margin of 11.36%. The firm had revenue of $407.27 million during the quarter, compared to analysts’ expectations of $396.61 million. During the same quarter in the prior year, the company earned ($0.40) EPS. The company’s revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Summit Materials, Inc. will post 1.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Stephens reaffirmed an “overweight” rating and set a $37.00 target price on shares of Summit Materials in a report on Thursday, February 16th. Seaport Res Ptn reiterated a “neutral” rating on shares of Summit Materials in a report on Friday, February 10th. The Goldman Sachs Group lifted their price objective on Summit Materials from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, January 23rd. JPMorgan Chase & Co. cut Summit Materials from an “overweight” rating to a “neutral” rating in a research report on Friday, March 10th. Finally, StockNews.com initiated coverage on Summit Materials in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.08.

Summit Materials Company Profile

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Summit Materials, Inc is a construction materials company. It manufactures construction materials and related downstream products. The firm operates its business through the following segments: Cement, West and East. The Cement consists of its Hannibal, Missouri and Davenport, Iowa cement plants and distribution terminals along the Mississippi river from Minnesota to Louisiana.