Cubist Systematic Strategies LLC Invests $180,000 in Summit Materials Inc (SUM) Stock
Cubist Systematic Strategies LLC bought a new position in shares of Summit Materials Inc (NYSE:SUM) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 5,614 shares of the construction company’s stock, valued at approximately $180,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Janus Henderson Group PLC increased its position in Summit Materials by 42.5% during the 3rd quarter. Janus Henderson Group PLC now owns 6,012,622 shares of the construction company’s stock worth $192,584,000 after purchasing an additional 1,792,448 shares during the period. Jane Street Group LLC increased its position in Summit Materials by 219.7% during the 3rd quarter. Jane Street Group LLC now owns 11,487 shares of the construction company’s stock worth $368,000 after purchasing an additional 21,087 shares during the period. Banbury Partners LLC acquired a new position in Summit Materials during the 3rd quarter worth approximately $28,025,000. Asset Management One Co. Ltd. acquired a new position in Summit Materials during the 3rd quarter worth approximately $9,080,000. Finally, Engineers Gate Manager LP acquired a new position in Summit Materials during the 3rd quarter worth approximately $268,000.
Several research firms have issued reports on SUM. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a research report on Friday, January 5th. SunTrust Banks set a $38.00 target price on Summit Materials and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Canaccord Genuity reiterated a “buy” rating and set a $12.50 target price on shares of Summit Materials in a research report on Wednesday, November 8th. Bank of America upped their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Finally, Royal Bank of Canada restated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.50.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). The firm had revenue of $634.18 million during the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The business’s revenue was up 19.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.73 EPS. analysts expect that Summit Materials Inc will post 0.97 earnings per share for the current year.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total transaction of $401,500.00. Following the sale, the insider now owns 139,310 shares in the company, valued at approximately $4,474,637.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Damian John Murphy sold 115,118 shares of the stock in a transaction on Monday, December 11th. The shares were sold at an average price of $31.75, for a total value of $3,654,996.50. Following the sale, the executive vice president now owns 66,440 shares in the company, valued at approximately $2,109,470. The disclosure for this sale can be found here. In the last 90 days, insiders sold 216,442 shares of company stock worth $6,786,892. Insiders own 1.97% of the company’s stock.
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Summit Materials Profile
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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