Summit Materials Inc. (SUM) Major Shareholder Holdings L.P. Blackstone II Sells 16,451,722 Shares
Summit Materials Inc. (NYSE:SUM) major shareholder Holdings L.P. Blackstone II sold 16,451,722 shares of the stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $21.87, for a total value of $359,799,160.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Summit Materials Inc. (NYSE:SUM) traded up 0.13% on Monday, hitting $23.76. The stock had a trading volume of 282,960 shares. Summit Materials Inc. has a 52 week low of $13.12 and a 52 week high of $24.81. The firm has a 50 day moving average price of $20.01 and a 200-day moving average price of $20.41. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 38.02 and a beta of 2.00.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.73 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.73. The business had revenue of $529.40 million for the quarter, compared to analyst estimates of $483.19 million. Summit Materials had a return on equity of 17.05% and a net margin of 3.99%. Summit Materials’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 EPS. Analysts anticipate that Summit Materials Inc. will post $1.12 EPS for the current year.
SUM has been the topic of several analyst reports. Royal Bank Of Canada increased their target price on Summit Materials from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 3rd. DA Davidson reaffirmed a “buy” rating and issued a $27.00 target price on shares of Summit Materials in a research report on Sunday, October 9th. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Goldman Sachs Group Inc. lowered Summit Materials from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $22.00 to $21.00 in a research report on Tuesday, October 11th. Finally, Citigroup Inc. increased their target price on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $24.13.
A number of hedge funds have recently made changes to their positions in the stock. Princeton Capital Management Inc. raised 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 in the last quarter. Eagle Asset Management Inc. raised its stake in shares of Summit Materials by 378.0% in the second quarter. Eagle Asset Management Inc. now owns 1,134,555 shares of the company’s stock valued at $23,212,000 after buying an additional 897,176 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Summit Materials during the second quarter valued at approximately $409,000. Caledonia Private Investments Pty Ltd bought a new stake in shares of Summit Materials during the first quarter valued at approximately $11,560,000. Finally, Royal Bank of Canada raised its stake in shares of Summit Materials by 14.5% in the first quarter. Royal Bank of Canada now owns 1,662,846 shares of the company’s stock valued at $32,343,000 after buying an additional 210,503 shares in the last quarter. 91.75% of the stock is currently owned by institutional investors and hedge funds.
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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