Ameriprise Financial Inc. decreased its stake in Summit Materials, Inc. (NYSE:SUM) by 1.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,272,411 shares of the construction company’s stock after selling 23,929 shares during the period. Ameriprise Financial Inc. owned approximately 1.18% of Summit Materials worth $36,730,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SUM. Strs Ohio acquired a new stake in shares of Summit Materials in the first quarter worth $192,000. Wells Fargo & Company MN grew its stake in shares of Summit Materials by 1.0% in the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock worth $5,204,000 after acquiring an additional 2,098 shares during the last quarter. Spot Trading L.L.C. acquired a new stake in shares of Summit Materials in the first quarter worth $545,000. Great West Life Assurance Co. Can grew its stake in shares of Summit Materials by 40.9% in the first quarter. Great West Life Assurance Co. Can now owns 12,399 shares of the construction company’s stock worth $306,000 after acquiring an additional 3,600 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Summit Materials by 55.3% in the first quarter. First Trust Advisors LP now owns 47,551 shares of the construction company’s stock worth $1,175,000 after acquiring an additional 16,926 shares during the last quarter.

Summit Materials, Inc. (NYSE SUM) opened at 31.71 on Friday. The company has a market capitalization of $3.41 billion, a PE ratio of 70.47 and a beta of 2.05. The company has a 50-day moving average price of $29.83 and a 200 day moving average price of $29.83. Summit Materials, Inc. has a 12 month low of $18.05 and a 12 month high of $31.81.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The company had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. During the same period last year, the firm posted $0.46 EPS. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities research analysts forecast that Summit Materials, Inc. will post $1.19 EPS for the current fiscal year.

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In other news, insider Thomas W. Hill sold 250,000 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $29.30, for a total value of $7,325,000.00. Following the completion of the sale, the insider now owns 70,610 shares of the company’s stock, valued at approximately $2,068,873. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas A. Beck sold 18,354 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $29.31, for a total value of $537,955.74. The disclosure for this sale can be found here. In the last three months, insiders sold 610,233 shares of company stock valued at $17,975,796. 1.97% of the stock is currently owned by corporate insiders.

Several brokerages have recently issued reports on SUM. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 price objective (up previously from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $30.43.

Summit Materials Profile

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

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