Summit Materials, Inc. (SUM) Insider Sells $401,375.00 in Stock
Summit Materials, Inc. (NYSE:SUM) insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $32.11, for a total transaction of $401,375.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Summit Materials, Inc. (NYSE:SUM) traded up 0.99% during midday trading on Thursday, reaching $32.65. 587,766 shares of the company’s stock were exchanged. The stock has a market cap of $3.51 billion, a PE ratio of 72.56 and a beta of 2.08. Summit Materials, Inc. has a 12-month low of $18.05 and a 12-month high of $32.69. The stock’s 50 day moving average is $31.02 and its 200-day moving average is $31.02.
Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ 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 prior year, the company posted $0.46 EPS. The company’s revenue was up 15.9% compared to the same quarter last year. On average, equities analysts expect that Summit Materials, Inc. will post $1.19 EPS for the current year.
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A number of brokerages recently commented on SUM. BidaskClub cut shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Royal Bank Of Canada lifted their target price on shares of Summit Materials from $33.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Summit Materials currently has a consensus rating of “Hold” and a consensus target price of $30.33.
Several institutional investors and hedge funds have recently made changes to their positions in SUM. BlackRock Inc. raised its stake in shares of Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after acquiring an additional 7,509,709 shares during the period. Janus Henderson Group PLC purchased a new position in Summit Materials in the 2nd quarter worth about $121,836,000. FMR LLC increased its stake in Summit Materials by 616.9% in the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $87,021,000 after buying an additional 2,593,803 shares during the period. Westfield Capital Management Co. LP increased its stake in Summit Materials by 110.7% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock worth $86,306,000 after buying an additional 1,570,803 shares during the period. Finally, Vanguard Group Inc. increased its stake in Summit Materials by 19.9% in the 1st quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after buying an additional 1,402,233 shares during the period.
Summit Materials Company Profile
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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