Creative Planning Has $1.14 Million Stock Position in Summit Materials, Inc. (NYSE:SUM)

Creative Planning reduced its position in shares of Summit Materials, Inc. (NYSE:SUM) by 28.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,191 shares of the construction company’s stock after selling 12,226 shares during the period. Creative Planning’s holdings in Summit Materials were worth $1,142,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SUM. Algert Global LLC grew its stake in shares of Summit Materials by 24.2% in the second quarter. Algert Global LLC now owns 121,634 shares of the construction company’s stock valued at $4,453,000 after acquiring an additional 23,699 shares in the last quarter. Select Equity Group L.P. increased its holdings in shares of Summit Materials by 36.8% during the second quarter. Select Equity Group L.P. now owns 75,125 shares of the construction company’s stock worth $2,750,000 after purchasing an additional 20,228 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Summit Materials by 1.5% in the second quarter. The Manufacturers Life Insurance Company now owns 1,187,057 shares of the construction company’s stock valued at $43,458,000 after buying an additional 17,719 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after buying an additional 399,072 shares during the period. Finally, Dark Forest Capital Management LP grew its position in Summit Materials by 13.8% during the second quarter. Dark Forest Capital Management LP now owns 7,111 shares of the construction company’s stock worth $260,000 after buying an additional 863 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently weighed in on SUM shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Summit Materials in a research report on Wednesday, August 7th. Stephens reiterated an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research note on Tuesday, August 6th. Citigroup dropped their target price on shares of Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley assumed coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.73.

Summit Materials Trading Up 2.9 %

Shares of SUM stock opened at $37.91 on Thursday. Summit Materials, Inc. has a twelve month low of $30.83 and a twelve month high of $44.89. The stock’s fifty day simple moving average is $38.42 and its 200 day simple moving average is $38.93. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $6.66 billion, a P/E ratio of 16.94 and a beta of 1.17.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. The firm’s revenue was up 58.1% compared to the same quarter last year. As a group, sell-side analysts predict that Summit Materials, Inc. will post 1.67 EPS for the current fiscal year.

About Summit Materials

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.