Citigroup Inc. lowered its position in shares of Summit Materials, Inc. (NYSE:SUM) by 13.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 310,433 shares of the construction company’s stock after selling 48,228 shares during the period. Citigroup Inc. owned about 0.29% of Summit Materials worth $8,963,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in shares of Summit Materials by 2.7% during the second quarter. American Century Companies Inc. now owns 325,245 shares of the construction company’s stock valued at $9,390,000 after buying an additional 8,490 shares during the period. BP Capital Fund Advisors LLC purchased a new position in shares of Summit Materials during the first quarter valued at $3,181,000. First Trust Advisors LP increased its stake in shares of Summit Materials by 210.8% during the second quarter. First Trust Advisors LP now owns 147,795 shares of the construction company’s stock valued at $4,267,000 after buying an additional 100,244 shares during the period. Steadfast Capital Management LP increased its stake in shares of Summit Materials by 4.3% during the first quarter. Steadfast Capital Management LP now owns 1,654,509 shares of the construction company’s stock valued at $40,883,000 after buying an additional 68,504 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its stake in shares of Summit Materials by 68.2% during the second quarter. Public Employees Retirement Association of Colorado now owns 893,800 shares of the construction company’s stock valued at $25,804,000 after buying an additional 362,500 shares during the period.

SUM has been the topic of several research reports. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. Royal Bank Of Canada restated a “buy” rating and set a $33.00 price target on shares of Summit Materials in a research note on Monday, June 19th. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Longbow Research initiated coverage on Summit Materials in a research note on Thursday, June 8th. They set a “buy” rating and a $34.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Summit Materials presently has an average rating of “Buy” and an average target price of $30.43.

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In other news, insider Thomas A. Beck sold 18,354 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $29.31, for a total value of $537,955.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $29.22, for a total value of $365,250.00. Following the completion of the transaction, the insider now owns 20,610 shares in the company, valued at approximately $602,224.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 622,733 shares of company stock worth $18,322,921. Company insiders own 1.97% of the company’s stock.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. During the same quarter last year, the company earned $0.46 EPS. Summit Materials’s revenue for the quarter was up 15.9% compared to the same quarter last year.

Summit Materials Company 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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