Boston Advisors LLC decreased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 0.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 400,150 shares of the construction company’s stock after selling 100 shares during the period. Boston Advisors LLC’s holdings in Summit Materials were worth $11,552,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in SUM. Vanguard Group Inc. boosted its stake in 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 last quarter. BlackRock Inc. boosted its stake in 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 last quarter. Janus Capital Management LLC boosted its stake in Summit Materials by 11.3% in the first quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock valued at $100,723,000 after buying an additional 412,239 shares during the last quarter. Levin Capital Strategies L.P. boosted its stake in Summit Materials by 22.6% in the first quarter. Levin Capital Strategies L.P. now owns 3,521,385 shares of the construction company’s stock valued at $87,013,000 after buying an additional 649,603 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in 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 last quarter.
Summit Materials, Inc. (NYSE:SUM) traded up 1.66% during mid-day trading on Friday, reaching $28.70. The company’s stock had a trading volume of 1,503,715 shares. The firm’s 50 day moving average is $28.52 and its 200-day moving average is $26.02. The stock has a market cap of $3.05 billion, a P/E ratio of 434.85 and a beta of 2.09. Summit Materials, Inc. has a one year low of $17.48 and a one year high of $29.67.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 3rd. The construction company reported ($0.50) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.48) by $0.02. The company had revenue of $259 million during the quarter, compared to the consensus estimate of $233.63 million. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. Summit Materials’s revenue was up 24.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.42) earnings per share. Equities analysts expect that Summit Materials, Inc. will post $1.31 earnings per share for the current fiscal year.
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SUM has been the topic of several recent analyst reports. Zacks Investment Research raised Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Tuesday, May 9th. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a research note on Wednesday, May 3rd. Longbow Research initiated coverage on Summit Materials in a research note on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price on the stock. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $33.00 target price on shares of Summit Materials in a research note on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $28.86.
In other news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $29.22, for a total transaction of $365,250.00. Following the transaction, the insider now directly owns 20,610 shares in the company, valued at $602,224.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Douglas Charles Rauh sold 19,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total transaction of $509,390.00. Following the transaction, the insider now owns 26,313 shares in the company, valued at $705,451.53. The disclosure for this sale can be found here. Insiders sold a total of 284,854 shares of company stock worth $7,995,604 over the last 90 days. 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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