Summit Materials, Inc. (SUM) CEO Sells $186,248.00 in Stock
Summit Materials, Inc. (NYSE:SUM) CEO Thomas W. Hill sold 6,200 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $30.04, for a total value of $186,248.00. Following the completion of the sale, the chief executive officer now owns 170,610 shares of the company’s stock, valued at $5,125,124.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Shares of Summit Materials, Inc. (SUM) traded up 1.09% during mid-day trading on Friday, hitting $30.62. The stock had a trading volume of 1,072,224 shares. Summit Materials, Inc. has a 52-week low of $17.27 and a 52-week high of $30.90. The stock has a 50 day moving average price of $28.71 and a 200-day moving average price of $26.87. The company has a market cap of $3.29 billion, a PE ratio of 68.04 and a beta of 2.05.
Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.57 by $0.09. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm had revenue of $478.37 million during the quarter, compared to analysts’ expectations of $469.91 million. During the same period in the previous year, the business earned $0.46 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Summit Materials, Inc. will post $1.22 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Materials by 67.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after purchasing an additional 1,819 shares in the last quarter. SG Americas Securities LLC increased its stake in Summit Materials by 27.8% in the 1st quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after purchasing an additional 1,589 shares in the last quarter. ARP Americas LLC purchased a new position in Summit Materials in the 2nd quarter valued at approximately $211,000. Strs Ohio purchased a new position in Summit Materials in the 1st quarter valued at approximately $192,000. Finally, Teacher Retirement System of Texas purchased a new position in Summit Materials in the 1st quarter valued at approximately $209,000.
A number of research firms have recently commented on SUM. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $35.00 price target (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. 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’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.43.
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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