Wells Fargo & Company MN Has $6.36 Million Holdings in Summit Materials, Inc. (SUM)
Wells Fargo & Company MN boosted its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 4.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,214 shares of the construction company’s stock after acquiring an additional 9,642 shares during the quarter. Wells Fargo & Company MN owned about 0.20% of Summit Materials worth $6,357,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of SUM. BlackRock Inc. increased its stake in Summit Materials by 57,208.1% during the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after acquiring an additional 7,509,709 shares during the last quarter. Vanguard Group Inc. increased its stake in Summit Materials by 19.9% during the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after acquiring an additional 1,402,233 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in Summit Materials during the second quarter worth approximately $34,909,000. Epoch Investment Partners Inc. bought a new stake in Summit Materials during the first quarter worth approximately $26,076,000. Finally, GMT Capital Corp bought a new stake in Summit Materials during the first quarter worth approximately $19,966,000.
In other news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $28.75, for a total transaction of $359,375.00. Following the sale, the insider now owns 20,610 shares of the company’s stock, valued at approximately $592,537.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas W. Hill sold 6,300 shares of Summit Materials stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $28.74, for a total transaction of $181,062.00. Following the sale, the chief executive officer now directly owns 20,610 shares in the company, valued at approximately $592,331.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 622,733 shares of company stock worth $18,406,421. Corporate insiders own 1.97% of the company’s stock.
Summit Materials, Inc. (NYSE:SUM) opened at 31.57 on Tuesday. Summit Materials, Inc. has a 1-year low of $18.05 and a 1-year high of $32.69. The company has a market cap of $3.39 billion, a PE ratio of 70.16 and a beta of 2.07. The stock’s 50 day moving average price is $31.14 and its 200-day moving average price is $31.14.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). The firm had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. On average, analysts forecast that Summit Materials, Inc. will post $1.18 earnings per share for the current year.
Several equities research analysts have weighed in on SUM shares. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus reissued a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $33.00 price objective on shares of Summit Materials in a research note on Monday, June 19th. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $30.33.
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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