Schwab Charles Investment Management Inc. increased its stake in Summit Materials Inc (NYSE:SUM) by 13.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 598,722 shares of the construction company’s stock after acquiring an additional 71,227 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.54% of Summit Materials worth $18,824,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Bank of Montreal Can increased its stake in shares of Summit Materials by 310.5% in the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock valued at $104,000 after acquiring an additional 2,515 shares in the last quarter. First Manhattan Co. bought a new stake in shares of Summit Materials in the 3rd quarter valued at $160,000. Cubist Systematic Strategies LLC bought a new stake in shares of Summit Materials in the 3rd quarter valued at $180,000. Daiwa Securities Group Inc. bought a new stake in shares of Summit Materials in the 3rd quarter valued at $202,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Summit Materials in the 3rd quarter valued at $268,000.
Shares of Summit Materials Inc (SUM) opened at $31.21 on Thursday. The company has a market cap of $3,560.00 and a price-to-earnings ratio of -36.29. The company has a debt-to-equity ratio of 1.42, a quick ratio of 2.40 and a current ratio of 3.13. Summit Materials Inc has a one year low of $22.19 and a one year high of $34.06.
Several research firms have recently weighed in on SUM. Barclays began coverage on shares of Summit Materials in a research note on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 price objective for the company. Canaccord Genuity reiterated a “buy” rating and issued a $12.50 price objective on shares of Summit Materials in a research note on Wednesday, November 8th. Zacks Investment Research lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, February 13th. TheStreet lowered shares of Summit Materials from a “b” rating to a “c” rating in a research note on Thursday, February 8th. Finally, Bank of America boosted their price target on shares of Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Summit Materials has an average rating of “Buy” and an average target price of $33.28.
In other Summit Materials news, EVP Damian John Murphy sold 115,118 shares of Summit Materials stock in a transaction on Monday, December 11th. The shares were sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the transaction, the executive vice president now directly owns 66,440 shares of the company’s stock, valued at approximately $2,109,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Raymond Murphy sold 5,000 shares of Summit Materials stock in a transaction on Friday, February 16th. The stock was sold at an average price of $32.62, for a total transaction of $163,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 196,575 shares of company stock valued at $6,170,840 in the last 90 days. 1.97% of the stock is currently owned by company insiders.
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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.
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