U.S. Markets close in 3 hrs 9 mins

Wallace Weitz Comments on Summit Materials

- By Holly LaFon

Summit ( NYSE:SUM ) is a supplier of construction materials, including aggregates, cement, ready mix concrete and asphalt paving mix. Mother Nature has not cooperated this season, postponing otherwise strong (and funded) demand for infrastructure projects. These delays pressured Summit's volumes and pushed out the translation of otherwise healthy demand into cash flow. We believe investors have overreacted, and we used the recent weakness to build an initial position.

From Wallace Weitz (Trades, Portfolio)'s third-quarter 2018 Partners III Fund shareholder letter.
This article first appeared on GuruFocus.