Monarch Partners Asset Management LLC Sells 55,919 Shares of Summit Materials Inc. (SUM)
Monarch Partners Asset Management LLC lowered its stake in Summit Materials Inc. (NYSE:SUM) by 10.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 494,266 shares of the company’s stock after selling 55,919 shares during the period. Monarch Partners Asset Management LLC owned approximately 0.79% of Summit Materials worth $10,113,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in SUM. Princeton Capital Management Inc. increased its stake in shares of Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 15,666 shares of the company’s stock valued at $321,000 after buying an additional 374 shares during the period. LVW Advisors LLC increased its stake in shares of Summit Materials by 3.4% in the first quarter. LVW Advisors LLC now owns 15,292 shares of the company’s stock valued at $297,000 after buying an additional 500 shares during the period. HBK Investments L P increased its stake in shares of Summit Materials by 35.1% in the first quarter. HBK Investments L P now owns 25,000 shares of the company’s stock valued at $486,000 after buying an additional 6,490 shares during the period. Bogle Investment Management L P DE bought a new stake in shares of Summit Materials during the first quarter valued at about $247,000. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Summit Materials by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,177,843 shares of the company’s stock valued at $22,909,000 after buying an additional 14,798 shares during the period. Institutional investors and hedge funds own 87.79% of the company’s stock.
Shares of Summit Materials Inc. (NYSE:SUM) traded down 1.29% on Monday, hitting $18.31. The stock had a trading volume of 1,102,476 shares. Summit Materials Inc. has a 12 month low of $13.12 and a 12 month high of $24.97. The stock has a market cap of $1.38 billion, a PE ratio of 54.98 and a beta of 2.07. The stock has a 50 day moving average of $19.25 and a 200-day moving average of $20.42.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.01. The company had revenue of $412.60 million for the quarter, compared to analysts’ expectations of $417.14 million. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. Equities research analysts anticipate that Summit Materials Inc. will post $0.10 EPS for the current year.
A number of brokerages have issued reports on SUM. Citigroup Inc. upped their price objective on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Bank of America Corp. restated a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Zacks Investment Research downgraded Summit Materials from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, DA Davidson restated a “buy” rating and issued a $27.00 price objective on shares of Summit Materials in a research note on Wednesday, August 31st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $25.13.
In related news, Director John Raymond Murphy acquired 6,000 shares of the stock in a transaction on Tuesday, September 6th. The stock was acquired at an average price of $18.93 per share, for a total transaction of $113,580.00. Following the completion of the purchase, the director now owns 5,152 shares of the company’s stock, valued at $97,527.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas W. Hill sold 10,000 shares of Summit Materials stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $21.45, for a total value of $214,500.00. Following the transaction, the chief executive officer now owns 10,150 shares of the company’s stock, valued at approximately $217,717.50. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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