Summit Materials, Inc. (NYSE:SUM) CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the completion of the sale, the chief executive officer now owns 20,610 shares of the company’s stock, valued at approximately $592,331.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Summit Materials, Inc. (SUM) opened at 29.34 on Friday. The company has a market cap of $3.15 billion, a P/E ratio of 49.98 and a beta of 2.06. The stock’s 50 day moving average is $28.53 and its 200-day moving average is $26.12. Summit Materials, Inc. has a 12-month low of $17.27 and a 12-month high of $29.67.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 10.43% and a net margin of 2.46%. The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. During the same period last year, the company posted $0.46 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. Analysts predict that Summit Materials, Inc. will post $1.27 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of SUM. Renaissance Technologies LLC purchased a new stake in Summit Materials during the fourth quarter valued at about $3,681,000. FMR LLC purchased a new stake in Summit Materials during the fourth quarter valued at about $9,801,000. BP Capital Fund Advisors LLC purchased a new stake in Summit Materials during the first quarter valued at about $3,181,000. AQR Capital Management LLC purchased a new stake in Summit Materials during the fourth quarter valued at about $344,000. Finally, Steadfast Capital Management LP raised its stake in Summit Materials by 4.3% in the first quarter. Steadfast Capital Management LP now owns 1,654,509 shares of the construction company’s stock valued at $40,883,000 after buying an additional 68,504 shares during the period.
A number of equities research analysts have issued reports on SUM shares. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research report on Thursday. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday. Longbow Research started coverage on shares of Summit Materials in a report on Thursday, June 8th. They set a “buy” rating and a $34.00 price target on the stock. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $30.43.
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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