Insider Selling: Summit Materials, Inc. (NYSE:SUM) Insider Sells 21,147 Shares of Stock
Summit Materials, Inc. (NYSE:SUM) insider Anne Lee Benedict sold 21,147 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $29.27, for a total value of $618,972.69. Following the completion of the transaction, the insider now owns 20,448 shares of the company’s stock, valued at approximately $598,512.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Anne Lee Benedict also recently made the following trade(s):
- On Wednesday, June 14th, Anne Lee Benedict sold 7,500 shares of Summit Materials stock. The shares were sold at an average price of $28.48, for a total value of $213,600.00.
Shares of Summit Materials, Inc. (NYSE:SUM) traded up 0.03% during mid-day trading on Tuesday, hitting $29.51. The stock had a trading volume of 973,477 shares. The company has a market cap of $3.17 billion, a PE ratio of 50.27 and a beta of 2.06. The stock’s 50-day moving average is $28.60 and its 200 day moving average is $26.18. Summit Materials, Inc. has a 12 month low of $17.48 and a 12 month high of $29.72.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS 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 10.43%. The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. During the same period in the previous year, the company posted $0.46 earnings per share. Summit Materials’s quarterly revenue was up 15.9% on a year-over-year basis. On average, equities research analysts forecast that Summit Materials, Inc. will post $1.23 earnings per share for the current fiscal year.
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SUM has been the subject of a number of research analyst reports. TheStreet downgraded Summit Materials from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. Zacks Investment Research upgraded Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Tuesday, May 9th. Longbow Research initiated coverage on Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 price target for the company. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $33.00 price target on shares of Summit Materials in a research report on Monday, June 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Summit Materials presently has an average rating of “Buy” and a consensus price target of $30.43.
A number of institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after buying an additional 1,819 shares during the last quarter. SG Americas Securities LLC raised its stake in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after buying an additional 1,589 shares during the last quarter. Strs Ohio bought a new stake in Summit Materials during the first quarter valued at about $192,000. Teacher Retirement System of Texas bought a new stake in Summit Materials during the first quarter valued at about $209,000. Finally, ARP Americas LLC bought a new stake in Summit Materials during the second quarter valued at about $211,000.
About Summit Materials
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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