RE Advisers Corp continued to hold its stake in Summit Materials, Inc. (NYSE:SUM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,025,836 shares of the construction company’s stock at the end of the second quarter. RE Advisers Corp owned 1.90% of Summit Materials worth $58,486,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of SUM. State Street Corp boosted its stake in Summit Materials by 13.3% in the fourth quarter. State Street Corp now owns 1,367,678 shares of the construction company’s stock worth $32,538,000 after buying an additional 160,522 shares during the period. Dimensional Fund Advisors LP purchased a new stake in shares of Summit Materials during the fourth quarter worth $6,225,000. FMR LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth $9,801,000. Renaissance Technologies LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth $3,681,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth $344,000.
Summit Materials, Inc. (NYSE SUM) traded up 0.40% during trading on Friday, reaching $27.83. 1,333,271 shares of the company traded hands. Summit Materials, Inc. has a 12 month low of $17.27 and a 12 month high of $29.72. The company has a market cap of $2.99 billion, a PE ratio of 61.84 and a beta of 2.06. The company’s 50-day moving average is $28.73 and its 200 day moving average is $26.47.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) 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 business had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. During the same period in the prior year, the business earned $0.46 EPS. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, analysts anticipate that Summit Materials, Inc. will post $1.23 earnings per share for the current year.
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A number of brokerages have recently weighed in on SUM. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 price objective (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Summit Materials presently has a consensus rating of “Buy” and an average price target of $30.43.
In other news, insider Thomas W. Hill sold 250,000 shares of Summit Materials stock in a transaction on Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the sale, the insider now owns 70,610 shares of the company’s stock, valued at $2,068,873. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Friday, August 11th. The stock was sold at an average price of $28.56, for a total value of $357,000.00. Following the sale, the insider now directly owns 170,610 shares of the company’s stock, valued at approximately $4,872,621.60. The disclosure for this sale can be found here. Insiders have sold 498,947 shares of company stock valued at $14,391,775 in the last three months. Insiders own 1.97% of the company’s stock.
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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