Teachers Advisors LLC increased its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 24.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 548,985 shares of the construction company’s stock after buying an additional 106,581 shares during the period. Teachers Advisors LLC owned approximately 0.52% of Summit Materials worth $13,565,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. Levin Capital Strategies L.P. raised its position in shares of 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 worth $87,013,000 after buying an additional 649,603 shares during the period. Wellington Management Group LLP purchased a new position in shares of Summit Materials during the first quarter worth about $13,555,000. Kornitzer Capital Management Inc. KS purchased a new position in shares of Summit Materials during the first quarter worth about $11,944,000. Nationwide Fund Advisors raised its position in shares of Summit Materials by 341.2% in the first quarter. Nationwide Fund Advisors now owns 568,195 shares of the construction company’s stock worth $14,040,000 after buying an additional 439,414 shares during the last quarter. Finally, FMR LLC bought a new stake in shares of Summit Materials during the fourth quarter worth approximately $9,801,000.
Summit Materials, Inc. (NYSE:SUM) opened at 28.70 on Monday. The stock has a 50 day moving average of $28.52 and a 200-day moving average of $26.02. Summit Materials, Inc. has a 1-year low of $17.27 and a 1-year high of $29.67. The company has a market cap of $3.05 billion, a PE ratio of 434.85 and a beta of 2.09.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $259 million for the quarter, compared to the consensus estimate of $233.63 million. During the same period last year, the company posted ($0.42) EPS. The business’s revenue was up 24.5% on a year-over-year basis. On average, equities research analysts predict that Summit Materials, Inc. will post $1.31 earnings per share for the current year.
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SUM has been the subject of a number of recent research reports. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Longbow Research started coverage on shares of Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 target price on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a research report on Monday, June 19th. TheStreet downgraded Summit Materials from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. Finally, Zacks Investment Research downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Two research 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. The company currently has a consensus rating of “Hold” and an average price target of $28.86.
In other Summit Materials news, EVP Damian John Murphy sold 98,510 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $28.18, for a total value of $2,776,011.80. Following the completion of the sale, the executive vice president now directly owns 102,908 shares in the company, valued at $2,899,947.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anne Lee Benedict sold 7,500 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $28.48, for a total transaction of $213,600.00. Following the completion of the sale, the insider now owns 11,213 shares of the company’s stock, valued at $319,346.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 284,854 shares of company stock valued at $7,995,604. 1.97% of the stock is currently owned by insiders.
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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