State of New Jersey Common Pension Fund D purchased a new position in Summit Materials, Inc. (NYSE:SUM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 25,000 shares of the construction company’s stock, valued at approximately $801,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. grew its position 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 valued at $185,890,000 after acquiring an additional 7,509,709 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Summit Materials in the second quarter worth $121,836,000. FMR LLC lifted its stake in Summit Materials by 616.9% in the second quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $87,021,000 after acquiring an additional 2,593,803 shares during the period. Westfield Capital Management Co. LP lifted its position in Summit Materials by 110.7% during the second quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after buying an additional 1,570,803 shares during the period. Finally, Vanguard Group Inc. lifted its position 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 valued at $208,882,000 after buying an additional 1,402,233 shares during the period.
A number of research firms have issued reports on SUM. Canaccord Genuity restated a “buy” rating and set a $12.50 price target on shares of Summit Materials in a research note on Wednesday, November 8th. Royal Bank Of Canada reiterated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Bank of America Corporation upped their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. SunTrust Banks, Inc. set a $38.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. Summit Materials currently has a consensus rating of “Buy” and an average target price of $30.79.
In other Summit Materials news, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $30.27, for a total value of $190,701.00. Following the completion of the sale, the chief executive officer now owns 170,610 shares in the company, valued at $5,164,364.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $28.20, for a total transaction of $352,500.00. Following the completion of the transaction, the insider now directly owns 170,610 shares in the company, valued at $4,811,202. The disclosure for this sale can be found here. Insiders have sold a total of 259,110 shares of company stock valued at $7,923,032 in the last three months. Company insiders own 1.97% of the company’s stock.
Shares of Summit Materials, Inc. (NYSE:SUM) traded down $0.08 during trading on Monday, hitting $30.35. The stock had a trading volume of 566,000 shares, compared to its average volume of 1,490,586. The firm has a market capitalization of $3,292.09, a P/E ratio of 32.99, a PEG ratio of 2.78 and a beta of 2.04. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. Summit Materials, Inc. has a 12 month low of $22.19 and a 12 month high of $32.69.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The company had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. During the same quarter in the prior year, the business earned $0.73 EPS. Summit Materials’s revenue was up 19.8% compared to the same quarter last year. sell-side analysts expect that Summit Materials, Inc. will post 1.04 earnings per share for the current year.
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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