Summit Materials (SUM) Shares Gap Up on Insider Buying Activity
Summit Materials Inc (NYSE:SUM)’s share price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $12.89, but opened at $13.26. Summit Materials shares last traded at $13.58, with a volume of 3059196 shares traded.
Specifically, CFO Brian James Harris bought 5,000 shares of Summit Materials stock in a transaction dated Thursday, November 8th. The stock was acquired at an average cost of $14.12 per share, with a total value of $70,600.00. Following the acquisition, the chief financial officer now owns 72,584 shares of the company’s stock, valued at $1,024,886.08. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by insiders.
Several analysts have recently weighed in on the company. ValuEngine downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a report on Friday, July 27th. Citigroup reduced their target price on Summit Materials from $38.00 to $37.00 and set a “$25.50” rating for the company in a report on Monday, July 23rd. Royal Bank of Canada reduced their target price on Summit Materials to $27.00 and set an “outperform” rating for the company in a report on Thursday, August 2nd. Finally, Stephens set a $24.00 target price on Summit Materials and gave the company a “buy” rating in a report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $26.70.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.21). The company had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $638.93 million. Summit Materials had a net margin of 4.64% and a return on equity of 6.74%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.73 earnings per share. As a group, analysts predict that Summit Materials Inc will post 0.49 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Montreal Can raised its stake in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after acquiring an additional 2,025 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after acquiring an additional 7,420 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Summit Materials during the 2nd quarter valued at approximately $312,000. Sheets Smith Wealth Management purchased a new stake in Summit Materials during the 3rd quarter valued at approximately $230,000. Finally, Amalgamated Bank raised its stake in Summit Materials by 15.8% during the 2nd quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock valued at $449,000 after acquiring an additional 2,333 shares during the last quarter.
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Summit Materials Company Profile (NYSE:SUM)
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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