Thomas A. Beck Sells 19,459 Shares of Summit Materials, Inc. (SUM) Stock
Summit Materials, Inc. (NYSE:SUM) insider Thomas A. Beck sold 19,459 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $30.23, for a total transaction of $588,245.57. Following the sale, the insider now directly owns 7,498 shares in the company, valued at approximately $226,664.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of Summit Materials, Inc. (NYSE SUM) traded up 1.09% during trading on Friday, hitting $30.62. 1,072,224 shares of the stock were exchanged. Summit Materials, Inc. has a 52-week low of $17.27 and a 52-week high of $30.90. The firm has a 50 day moving average of $28.71 and a 200-day moving average of $26.87. The stock 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 earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million during the quarter, compared to analysts’ expectations of $469.91 million. During the same period last year, the firm posted $0.46 EPS. Summit Materials’s quarterly revenue was up 15.9% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post $1.22 earnings per share for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares in the last quarter. ARP Americas LLC purchased a new position in shares of Summit Materials in the second quarter worth $211,000. Strs Ohio purchased a new position in shares of Summit Materials in the first quarter worth $192,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Summit Materials in the first quarter worth $209,000.
A number of equities analysts have recently commented on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub raised shares of Summit Materials from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Longbow Research assumed coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target on the stock. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. One 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 presently has an average rating of “Buy” and a consensus 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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