Prescott Group Capital Management L.L.C. cut its stake in Summit Materials Inc (NYSE:SUM) by 11.6% during the first quarter, Holdings Channel reports. The fund owned 114,000 shares of the construction company’s stock after selling 15,000 shares during the quarter. Prescott Group Capital Management L.L.C.’s holdings in Summit Materials were worth $1,809,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SUM. Jennison Associates LLC increased its stake in shares of Summit Materials by 27.1% in the fourth quarter. Jennison Associates LLC now owns 7,444,095 shares of the construction company’s stock worth $92,307,000 after acquiring an additional 1,586,886 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Summit Materials by 61.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,585,962 shares of the construction company’s stock worth $44,466,000 after purchasing an additional 1,371,491 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Summit Materials by 9.4% in the first quarter. Janus Henderson Group PLC now owns 9,100,897 shares of the construction company’s stock worth $144,431,000 after purchasing an additional 783,008 shares in the last quarter. Lodge Hill Capital LLC bought a new stake in Summit Materials in the fourth quarter worth $8,947,000. Finally, Norges Bank bought a new stake in Summit Materials in the fourth quarter worth $8,809,000.

SUM stock traded up $0.44 during mid-day trading on Tuesday, reaching $14.37. 13,168 shares of the stock traded hands, compared to its average volume of 1,499,212. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.97 and a quick ratio of 1.14. Summit Materials Inc has a 52 week low of $11.25 and a 52 week high of $28.34. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 95.47, a price-to-earnings-growth ratio of 1.69 and a beta of 1.99.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, May 8th. The construction company reported ($0.49) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.60) by $0.11. Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The company had revenue of $305.95 million during the quarter, compared to analysts’ expectations of $312.42 million. During the same period in the prior year, the company earned ($0.55) earnings per share. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. Equities analysts expect that Summit Materials Inc will post 0.75 EPS for the current fiscal year.

A number of equities research analysts recently issued reports on SUM shares. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Wednesday, March 20th. Scotiabank reiterated a “hold” rating on shares of Summit Materials in a report on Thursday, February 14th. Berenberg Bank started coverage on shares of Summit Materials in a report on Wednesday, April 3rd. They issued a “hold” rating and a $18.00 price objective for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Summit Materials in a report on Thursday, March 21st. They issued a “neutral” rating and a $19.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $20.50.

TRADEMARK VIOLATION NOTICE: “Prescott Group Capital Management L.L.C. Reduces Stake in Summit Materials Inc (SUM)” was posted by Watch List News and is the sole property of of Watch List News. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be read at https://www.watchlistnews.com/prescott-group-capital-management-l-l-c-reduces-stake-in-summit-materials-inc-sum/3031326.html.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

Read More: If I purchase shares through a brokerage account, am I the holder of record?

Want to see what other hedge funds are holding SUM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Materials Inc (NYSE:SUM).

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

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.