Thomas W. Hill Sells 250,000 Shares of Summit Materials, Inc. (SUM) Stock
Summit Materials, Inc. (NYSE:SUM) insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the transaction, the insider now owns 70,610 shares in the company, valued at $2,068,873. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Summit Materials, Inc. (SUM) traded up 0.03% on Tuesday, hitting $29.51. 973,477 shares of the stock were exchanged. The stock has a market cap of $3.17 billion, a PE ratio of 50.27 and a beta of 2.06. The company’s 50 day moving average is $28.60 and its 200 day moving average is $26.18. Summit Materials, Inc. has a 1-year low of $17.48 and a 1-year high of $29.72.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 10.43%. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 EPS. On average, equities research analysts expect that Summit Materials, Inc. will post $1.23 earnings per share for the current year.
SUM has been the topic of a number of recent research reports. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a research report on Thursday, August 3rd. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Royal Bank Of Canada restated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a research report on Monday, June 19th. Finally, Longbow Research initiated coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target on the stock. One equities research 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’s stock. Summit Materials has an average rating of “Buy” and a consensus target price of $30.43.
Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC bought a new position in shares of Summit Materials during the fourth quarter valued at about $3,681,000. BP Capital Fund Advisors LLC bought a new position in shares of Summit Materials during the first quarter valued at about $3,181,000. AQR Capital Management LLC bought a new position in shares of Summit Materials during the fourth quarter valued at about $344,000. Steadfast Capital Management LP increased its position in shares of Summit Materials by 4.3% in 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, UBS Asset Management Americas Inc. increased its position in shares of Summit Materials by 46.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 684,335 shares of the construction company’s stock valued at $16,280,000 after buying an additional 218,465 shares during the period.
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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