NJ State Employees Deferred Compensation Plan Cuts Stake in Summit Materials Inc (NYSE:SUM)

NJ State Employees Deferred Compensation Plan decreased its holdings in Summit Materials Inc (NYSE:SUM) by 14.3% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,000 shares of the construction company’s stock after selling 4,000 shares during the period. NJ State Employees Deferred Compensation Plan’s holdings in Summit Materials were worth $462,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in SUM. Oppenheimer Asset Management Inc. boosted its position in Summit Materials by 27.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,516 shares of the construction company’s stock valued at $103,000 after buying an additional 1,388 shares during the period. LPL Financial LLC purchased a new stake in Summit Materials during the 4th quarter valued at $148,000. Intact Investment Management Inc. purchased a new stake in Summit Materials during the 1st quarter valued at $170,000. Financial Counselors Inc. purchased a new stake in Summit Materials during the 1st quarter valued at $175,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in Summit Materials by 48.6% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 11,795 shares of the construction company’s stock valued at $187,000 after buying an additional 3,860 shares during the period.

Shares of NYSE:SUM traded up $0.47 on Friday, hitting $19.69. The company had a trading volume of 1,417,394 shares, compared to its average volume of 1,134,044. The stock’s 50-day moving average is $18.22. Summit Materials Inc has a 1 year low of $11.25 and a 1 year high of $21.85. The company has a quick ratio of 1.14, a current ratio of 1.97 and a debt-to-equity ratio of 1.47. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 96.10, a price-to-earnings-growth ratio of 2.29 and a beta of 2.24.

Summit Materials (NYSE:SUM) last posted its earnings results on Thursday, August 1st. The construction company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.07). Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The company had revenue of $600.90 million during the quarter, compared to analysts’ expectations of $583.06 million. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue for the quarter was up .0% on a year-over-year basis. As a group, research analysts forecast that Summit Materials Inc will post 0.76 EPS for the current fiscal year.

Several equities research analysts have weighed in on the stock. Barclays set a $18.00 price target on shares of Summit Materials and gave the company a “hold” rating in a research report on Friday, June 14th. ValuEngine raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research cut shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Saturday, July 20th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $20.00.

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.

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

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