Eagle Asset Management Inc. Reduces Stake in Summit Materials Inc. (SUM)
Eagle Asset Management Inc. cut its position in Summit Materials Inc. (NYSE:SUM) by 3.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,100,304 shares of the company’s stock after selling 34,251 shares during the period. Eagle Asset Management Inc. owned approximately 1.46% of Summit Materials worth $20,410,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in the company. Princeton Capital Management Inc. boosted 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 worth $321,000 after buying an additional 374 shares during the period. BlackRock Japan Co. Ltd boosted its stake in shares of Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock worth $106,000 after buying an additional 1,321 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock worth $172,000 after buying an additional 2,310 shares during the period. Sei Investments Co. boosted its stake in shares of Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock worth $216,000 after buying an additional 2,399 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Summit Materials by 154.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,299 shares of the company’s stock worth $117,000 after buying an additional 3,827 shares during the period.
Shares of Summit Materials Inc. (NYSE:SUM) traded up 0.30% on Tuesday, hitting $23.39. The company had a trading volume of 281,667 shares. The company has a 50 day moving average of $20.91 and a 200-day moving average of $20.49. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 37.42 and a beta of 2.00. Summit Materials Inc. has a 12-month low of $13.12 and a 12-month high of $24.81.
Summit Materials (NYSE:SUM) last announced its 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 return on equity of 17.05% and a net margin of 3.99%. The firm had revenue of $529.40 million for the quarter, compared to analysts’ expectations of $483.19 million. During the same quarter in the previous year, the company earned $0.72 earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, analysts forecast that Summit Materials Inc. will post $1.12 earnings per share for the current year.
A number of brokerages have commented on SUM. DA Davidson reiterated a “buy” rating and set a $27.00 target price on shares of Summit Materials in a report on Thursday, November 17th. Royal Bank Of Canada reiterated an “outperform” rating and set a $26.00 target price (down previously from $29.00) on shares of Summit Materials in a report on Wednesday, November 16th. Bank of America Corp. cut 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. RBC Capital Markets reiterated an “outperform” rating and set a $26.00 target price (up previously from $24.00) on shares of Summit Materials in a report on Thursday, November 3rd. Finally, Goldman Sachs Group Inc. cut Summit Materials from a “buy” rating to a “neutral” rating and lowered their target price for the company from $22.00 to $21.00 in a report on Tuesday, October 11th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $24.13.
In other Summit Materials news, insider Thomas W. Hill sold 12,300 shares of the company’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $23.61, for a total value of $290,403.00. Following the transaction, the insider now owns 10,150 shares of the company’s stock, valued at $239,641.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Holdings L.P. Blackstone II sold 16,451,722 shares of the company’s stock in a transaction 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 disclosure for this sale can be found here. 4.49% of the stock is owned by company insiders.
About Summit Materials
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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