Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Summit Materials Inc. (NYSE:SUM) by 16.3% during the third quarter, Holdings Channel reports. The firm owned 88,320 shares of the company’s stock after buying an additional 12,410 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned 0.12% of Summit Materials worth $1,638,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in SUM. Vanguard Group Inc. increased its position in Summit Materials by 30.5% in the second quarter. Vanguard Group Inc. now owns 4,387,266 shares of the company’s stock worth $89,763,000 after buying an additional 1,024,661 shares in the last quarter. Jennison Associates LLC increased its position in Summit Materials by 10.4% in the second quarter. Jennison Associates LLC now owns 4,151,012 shares of the company’s stock worth $84,930,000 after buying an additional 391,153 shares in the last quarter. TimesSquare Capital Management LLC increased its position in Summit Materials by 21.0% in the second quarter. TimesSquare Capital Management LLC now owns 2,147,042 shares of the company’s stock worth $43,928,000 after buying an additional 372,180 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Summit Materials during the second quarter worth $40,920,000. Finally, Royal Bank of Canada increased its position in Summit Materials by 14.5% in the first quarter. Royal Bank of Canada now owns 1,662,846 shares of the company’s stock worth $32,343,000 after buying an additional 210,503 shares in the last quarter.

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

Summit Materials Inc. (NYSE:SUM) traded up 0.99% during midday trading on Tuesday, reaching $23.55. 1,546,923 shares of the company traded hands. Summit Materials Inc. has a 12 month low of $13.12 and a 12 month high of $24.81. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 37.68 and a beta of 2.00. The firm has a 50 day moving average of $20.91 and a 200-day moving average of $20.49.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, November 2nd. The company reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. The business had revenue of $529.40 million for the quarter, compared to the consensus estimate of $483.19 million. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. Analysts forecast that Summit Materials Inc. will post $1.12 EPS for the current fiscal year.

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A number of equities analysts have weighed in on SUM shares. Citigroup Inc. increased their price target on shares of Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, August 4th. DA Davidson reaffirmed a “buy” rating and set a $27.00 price target on shares of Summit Materials in a research note on Wednesday, August 31st. Zacks Investment Research raised shares of Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Thursday, October 6th. Goldman Sachs Group Inc. downgraded shares of Summit Materials from a “buy” rating to a “neutral” rating and cut their price target for the stock from $22.00 to $21.00 in a research note on Tuesday, October 11th. Finally, Royal Bank Of Canada raised their target price on shares of Summit Materials from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 3rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Summit Materials has an average rating of “Buy” and an average price target of $24.13.

In related news, CEO Thomas W. Hill sold 7,300 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $23.78, for a total transaction of $173,594.00. Following the transaction, the chief executive officer now directly owns 10,150 shares of the company’s stock, valued at $241,367. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas W. Hill sold 17,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The shares were sold at an average price of $19.23, for a total transaction of $340,371.00. Following the transaction, the chief executive officer now directly owns 10,150 shares in the company, valued at $195,184.50. The disclosure for this sale can be found here. Corporate insiders own 4.49% of the company’s stock.

Summit Materials Company Profile

Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.

5 Day Chart for NYSE:SUM

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