Bank of New York Mellon Corp grew its holdings in shares of Summit Materials Inc (NYSE:SUM) by 6.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 962,805 shares of the construction company’s stock after acquiring an additional 60,342 shares during the period. Bank of New York Mellon Corp owned about 0.86% of Summit Materials worth $25,274,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. State Board of Administration of Florida Retirement System acquired a new stake in shares of Summit Materials during the first quarter valued at about $527,000. Amalgamated Bank grew its stake in shares of Summit Materials by 15.8% during the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock valued at $449,000 after acquiring an additional 2,333 shares in the last quarter. Bamco Inc. NY grew its stake in shares of Summit Materials by 3.6% during the first quarter. Bamco Inc. NY now owns 3,181,761 shares of the construction company’s stock valued at $96,344,000 after acquiring an additional 110,150 shares in the last quarter. Lisanti Capital Growth LLC grew its stake in shares of Summit Materials by 18.9% during the first quarter. Lisanti Capital Growth LLC now owns 107,557 shares of the construction company’s stock valued at $3,257,000 after acquiring an additional 17,119 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Summit Materials by 6.6% during the second quarter. Rhumbline Advisers now owns 110,611 shares of the construction company’s stock valued at $2,904,000 after acquiring an additional 6,867 shares in the last quarter.
Shares of SUM stock opened at $18.90 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.26 and a debt-to-equity ratio of 1.41. Summit Materials Inc has a one year low of $18.73 and a one year high of $34.06. The stock has a market cap of $2.14 billion, a PE ratio of 20.32, a P/E/G ratio of 1.83 and a beta of 1.50.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.24). Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. The company had revenue of $549.24 million for the quarter, compared to the consensus estimate of $546.76 million. During the same period in the previous year, the business posted $0.47 EPS. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. analysts anticipate that Summit Materials Inc will post 1 EPS for the current year.
In other Summit Materials news, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $27.62, for a total value of $345,250.00. Following the transaction, the chief executive officer now owns 135,602 shares of the company’s stock, valued at $3,745,327.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Karl Watson bought 35,500 shares of the business’s stock in a transaction on Friday, August 3rd. The stock was acquired at an average cost of $21.15 per share, for a total transaction of $750,825.00. Following the acquisition, the chief operating officer now directly owns 23,700 shares of the company’s stock, valued at $501,255. The disclosure for this purchase can be found here. Insiders have sold 37,500 shares of company stock worth $999,875 in the last ninety days. Corporate insiders own 1.50% of the company’s stock.
SUM has been the subject of several recent analyst reports. Royal Bank of Canada restated a “buy” rating and set a $35.00 target price on shares of Summit Materials in a research note on Sunday, July 1st. Zacks Investment Research cut shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Saturday, May 19th. ValuEngine cut shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research report on Tuesday. TheStreet cut shares of Summit Materials from a “b” rating to a “c+” rating in a research report on Thursday, June 21st. Finally, SunTrust Banks reduced their price target on shares of Summit Materials from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, May 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Summit Materials has a consensus rating of “Buy” and an average target price of $30.41.
About Summit Materials
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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