Three Peaks Capital Management LLC Has $6.63 Million Stake in Summit Materials Inc (SUM)

Three Peaks Capital Management LLC lessened its holdings in shares of Summit Materials Inc (NYSE:SUM) by 35.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 218,866 shares of the construction company’s stock after selling 121,175 shares during the period. Three Peaks Capital Management LLC owned approximately 0.20% of Summit Materials worth $6,627,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SUM. Bank of Montreal Can lifted its holdings in shares of Summit Materials by 310.5% during the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock valued at $104,000 after purchasing an additional 2,515 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Summit Materials during the 1st quarter valued at $123,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Materials by 39.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock valued at $220,000 after purchasing an additional 1,985 shares during the last quarter. Global X Management Co. LLC lifted its holdings in shares of Summit Materials by 77.6% during the 4th quarter. Global X Management Co. LLC now owns 7,585 shares of the construction company’s stock valued at $238,000 after purchasing an additional 3,315 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Summit Materials during the 1st quarter valued at $244,000.

NYSE:SUM opened at $27.16 on Thursday. Summit Materials Inc has a 52 week low of $26.36 and a 52 week high of $34.06. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.37 and a current ratio of 2.17. The stock has a market cap of $3.03 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.63 and a beta of 1.71.

Summit Materials (NYSE:SUM) last posted its earnings results on Tuesday, May 8th. The construction company reported ($0.55) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.59) by $0.04. Summit Materials had a return on equity of 10.20% and a net margin of 6.03%. The firm had revenue of $289.92 million for the quarter, compared to analysts’ expectations of $297.51 million. During the same period last year, the firm earned ($0.49) EPS. The company’s quarterly revenue was up 11.9% on a year-over-year basis. analysts expect that Summit Materials Inc will post 1.59 EPS for the current fiscal year.

In related news, CEO Thomas W. Hill sold 447,959 shares of Summit Materials stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $31.02, for a total value of $13,895,688.18. Following the sale, the chief executive officer now directly owns 146,245 shares in the company, valued at approximately $4,536,519.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $31.87, for a total value of $398,375.00. Following the completion of the sale, the chief executive officer now owns 148,102 shares in the company, valued at $4,720,010.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 522,959 shares of company stock worth $16,127,438. 1.50% of the stock is currently owned by insiders.

Several brokerages have recently commented on SUM. SunTrust Banks decreased their price objective on Summit Materials from $38.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, May 30th. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a report on Saturday, May 19th. ValuEngine lowered Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Jefferies Group initiated coverage on Summit Materials in a research note on Tuesday, April 17th. They set a “buy” rating and a $36.00 price objective for the company. Finally, TheStreet upgraded Summit Materials from a “c” rating to a “b” rating in a research note on Monday, March 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Summit Materials has an average rating of “Buy” and an average price target of $33.23.

About Summit Materials

Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.

Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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