Thomas W. Hill Sells 6,200 Shares of Summit Materials, Inc. (SUM) Stock
Summit Materials, Inc. (NYSE:SUM) CEO Thomas W. Hill sold 6,200 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $30.04, for a total value of $186,248.00. Following the sale, the chief executive officer now owns 170,610 shares in the company, valued at $5,125,124.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Summit Materials, Inc. (NYSE:SUM) opened at 30.62 on Friday. The company has a 50 day moving average price of $28.77 and a 200-day moving average price of $26.90. Summit Materials, Inc. has a 1-year low of $17.48 and a 1-year high of $30.90. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 68.04 and a beta of 2.05.
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 consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. During the same quarter in the previous year, the business earned $0.46 earnings per share. Summit Materials’s revenue was up 15.9% compared to the same quarter last year. On average, analysts forecast that Summit Materials, Inc. will post $1.22 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC bought a new position in Summit Materials during the 2nd quarter worth approximately $12,201,000. Verition Fund Management LLC bought a new position in Summit Materials during the 2nd quarter worth approximately $1,440,000. Westwood Holdings Group Inc. grew its position in Summit Materials by 11.6% during the 2nd quarter. Westwood Holdings Group Inc. now owns 680,813 shares of the construction company’s stock worth $19,655,000 after acquiring an additional 70,523 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in Summit Materials by 4.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock worth $271,000 after acquiring an additional 443 shares during the last quarter. Finally, Castleark Management LLC bought a new position in Summit Materials during the 2nd quarter worth approximately $10,958,000.
Several research firms have recently weighed in on SUM. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Royal Bank Of Canada restated an “outperform” rating and set a $35.00 price target (up from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. One 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 stock presently has an average rating of “Buy” and a consensus target price 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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