FMR LLC boosted its stake in Summit Materials, Inc. (NYSE:SUM) by 2.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 420,458 shares of the construction company’s stock after buying an additional 8,500 shares during the period. FMR LLC owned approximately 0.40% of Summit Materials worth $10,390,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC raised its position in shares of Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after buying an additional 1,589 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after buying an additional 1,819 shares during the period. Wells Fargo & Company MN raised its stake in Summit Materials by 1.0% in the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock valued at $5,204,000 after buying an additional 2,098 shares during the period. Great West Life Assurance Co. Can raised its stake in Summit Materials by 40.9% in the first quarter. Great West Life Assurance Co. Can now owns 12,399 shares of the construction company’s stock valued at $306,000 after buying an additional 3,600 shares during the period. Finally, Princeton Capital Management Inc. raised its stake in Summit Materials by 11.8% in the first quarter. Princeton Capital Management Inc. now owns 34,100 shares of the construction company’s stock valued at $843,000 after buying an additional 3,611 shares during the period.
Summit Materials, Inc. (NYSE SUM) traded up 0.72% on Friday, hitting $29.42. 363,306 shares of the company were exchanged. Summit Materials, Inc. has a 52 week low of $17.27 and a 52 week high of $29.67. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 50.12 and a beta of 2.06. The stock has a 50 day moving average of $28.53 and a 200 day moving average of $26.12.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 10.43%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. Analysts predict that Summit Materials, Inc. will post $1.27 EPS for the current fiscal year.
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A number of brokerages recently commented on SUM. Royal Bank Of Canada raised their price objective on shares of Summit Materials from $33.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research report on Thursday. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday. BidaskClub downgraded shares of Summit Materials from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Finally, Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Friday, July 14th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. Summit Materials currently has an average rating of “Hold” and an average target price of $29.88.
In other news, insider Thomas W. Hill sold 12,500 shares of the company’s 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 sale, the insider now directly owns 20,610 shares of the company’s stock, valued at approximately $592,537.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction on Monday, July 24th. The shares were sold at an average price of $28.74, for a total value of $181,062.00. Following the sale, the chief executive officer now owns 20,610 shares in the company, valued at approximately $592,331.40. The disclosure for this sale can be found here. Insiders sold a total of 127,800 shares of company stock valued at $3,558,302 over the last 90 days. 1.97% of the stock is currently owned by corporate insiders.
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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