Summit Materials, Inc. (NYSE:SUM) insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total transaction of $359,375.00. Following the completion of the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at $592,537.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of Summit Materials, Inc. (SUM) traded down 1.70% during mid-day trading on Wednesday, hitting $28.40. 763,344 shares of the stock traded hands. Summit Materials, Inc. has a 52 week low of $17.27 and a 52 week high of $29.67. The stock has a 50-day moving average of $28.39 and a 200-day moving average of $25.92. The company has a market cap of $3.02 billion, a price-to-earnings ratio of 430.30 and a beta of 2.09.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. The business had revenue of $259 million for the quarter, compared to analyst estimates of $233.63 million. During the same quarter last year, the company earned ($0.42) EPS. The business’s revenue for the quarter was up 24.5% compared to the same quarter last year. Analysts anticipate that Summit Materials, Inc. will post $1.32 EPS for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position 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 buying an additional 7,509,709 shares during the period. Vanguard Group Inc. raised its position in shares of Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after buying an additional 1,402,233 shares during the period. TimesSquare Capital Management LLC raised its position in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Summit Materials during the second quarter valued at approximately $34,909,000. Finally, Epoch Investment Partners Inc. acquired a new position in shares of Summit Materials during the first quarter valued at approximately $26,076,000.
SUM has been the subject of several recent analyst reports. BidaskClub cut shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. TheStreet raised shares of Summit Materials from a “c” rating to a “b-” rating in a research note on Tuesday, March 28th. Longbow Research initiated coverage on shares of Summit Materials in a research note on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price for the company. Zacks Investment Research cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $33.00 target price on shares of Summit Materials in a research note on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $28.86.
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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