Clearbridge Investments LLC Acquires 116,540 Shares of Summit Materials, Inc. (NYSE:SUM)

Clearbridge Investments LLC raised its position in Summit Materials, Inc. (NYSE:SUM - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,177,677 shares of the construction company's stock after purchasing an additional 116,540 shares during the period. Clearbridge Investments LLC owned 2.66% of Summit Materials worth $122,213,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Signaturefd LLC boosted its holdings in Summit Materials by 110.3% in the fourth quarter. Signaturefd LLC now owns 654 shares of the construction company's stock valued at $25,000 after purchasing an additional 343 shares in the last quarter. Janney Capital Management LLC raised its stake in Summit Materials by 2.7% during the 3rd quarter. Janney Capital Management LLC now owns 13,160 shares of the construction company's stock worth $410,000 after acquiring an additional 350 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Summit Materials by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company's stock valued at $73,000 after acquiring an additional 382 shares during the last quarter. Arizona State Retirement System boosted its stake in Summit Materials by 1.4% in the third quarter. Arizona State Retirement System now owns 33,834 shares of the construction company's stock valued at $1,054,000 after acquiring an additional 460 shares in the last quarter. Finally, Alliance Wealth Advisors LLC UT grew its holdings in shares of Summit Materials by 3.7% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 13,131 shares of the construction company's stock worth $505,000 after purchasing an additional 465 shares during the last quarter.

Summit Materials Stock Performance

SUM traded down $0.30 during trading on Tuesday, reaching $40.10. The company's stock had a trading volume of 852,019 shares, compared to its average volume of 974,736. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The company's fifty day moving average price is $41.10 and its 200-day moving average price is $38.79. Summit Materials, Inc. has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of 17.90 and a beta of 1.34.

Summit Materials (NYSE:SUM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The construction company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.23) by $0.11. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The firm had revenue of $773.23 million for the quarter, compared to the consensus estimate of $803.98 million. During the same period in the previous year, the business earned ($0.26) earnings per share. The company's revenue for the quarter was up 89.9% compared to the same quarter last year. On average, equities analysts forecast that Summit Materials, Inc. will post 2.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on SUM shares. StockNews.com downgraded Summit Materials from a "hold" rating to a "sell" rating in a research note on Friday, May 3rd. Barclays increased their price target on shares of Summit Materials from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 14th. Stephens lifted their price objective on shares of Summit Materials from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, May 3rd. The Goldman Sachs Group increased their target price on shares of Summit Materials from $43.00 to $49.00 and gave the stock a "neutral" rating in a research note on Thursday, March 14th. Finally, JPMorgan Chase & Co. began coverage on Summit Materials in a research report on Friday, February 23rd. They issued an "overweight" rating and a $47.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.92.

Insiders Place Their Bets

In other news, insider Jason Kilgore sold 50,589 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the completion of the transaction, the insider now owns 60,630 shares in the company, valued at approximately $2,437,932.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.55% of the company's stock.

Summit Materials Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.