Thomas W. Hill Sells 12,300 Shares of Summit Materials Inc. (SUM) Stock
Summit Materials Inc. (NYSE:SUM) insider Thomas W. Hill sold 12,300 shares of the business’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $23.61, for a total transaction of $290,403.00. Following the completion of the transaction, the insider now owns 10,150 shares in the company, valued at approximately $239,641.50. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Shares of Summit Materials Inc. (NYSE:SUM) opened at 24.43 on Friday. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 39.09 and a beta of 2.00. Summit Materials Inc. has a 1-year low of $13.12 and a 1-year high of $24.81. The company’s 50-day moving average is $20.58 and its 200 day moving average is $20.48.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.73 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. The company had revenue of $529.40 million for the quarter, compared to analyst estimates of $483.19 million. During the same quarter in the prior year, the business posted $0.72 EPS. Summit Materials’s quarterly revenue was up 12.2% on a year-over-year basis. On average, equities research analysts expect that Summit Materials Inc. will post $1.12 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in SUM. Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Materials during the second quarter valued at approximately $40,920,000. Citadel Advisors LLC raised its position in Summit Materials by 147.2% in the third quarter. Citadel Advisors LLC now owns 2,897,119 shares of the company’s stock worth $53,741,000 after buying an additional 1,725,230 shares during the last quarter. Linscomb & Williams Inc. raised its position in Summit Materials by 932.0% in the second quarter. Linscomb & Williams Inc. now owns 1,571,150 shares of the company’s stock worth $32,146,000 after buying an additional 1,418,900 shares during the last quarter. Point72 Asset Management L.P. raised its position in Summit Materials by 251.1% in the second quarter. Point72 Asset Management L.P. now owns 1,524,700 shares of the company’s stock worth $31,195,000 after buying an additional 1,090,400 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Summit Materials during the second quarter worth about $22,039,000. Institutional investors own 91.75% of the company’s stock.
SUM has been the topic of a number of recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $27.00 price objective on shares of Summit Materials in a report on Thursday, November 17th. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Thursday, October 6th. Citigroup Inc. boosted their price objective on shares of Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Goldman Sachs Group Inc. lowered shares of Summit Materials from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $22.00 to $21.00 in a report on Tuesday, October 11th. Finally, Bank of America Corp. lowered shares of Summit Materials from a “buy” rating to a “neutral” rating in a report on Wednesday, November 16th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $24.13.
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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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