Eagle Asset Management Inc. reduced its stake in Summit Materials Inc (NYSE:SUM) by 7.0% during the 4th quarter, HoldingsChannel reports. The fund owned 1,019,911 shares of the construction company’s stock after selling 76,498 shares during the period. Eagle Asset Management Inc.’s holdings in Summit Materials were worth $32,066,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of SUM. Dimensional Fund Advisors LP lifted its position in shares of Summit Materials by 29.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,204,699 shares of the construction company’s stock valued at $34,779,000 after acquiring an additional 276,160 shares in the last quarter. State Street Corp lifted its position in shares of Summit Materials by 7.2% in the second quarter. State Street Corp now owns 2,052,800 shares of the construction company’s stock valued at $59,264,000 after acquiring an additional 138,579 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Summit Materials by 25.7% during the second quarter. The Manufacturers Life Insurance Company now owns 82,371 shares of the construction company’s stock worth $2,378,000 after buying an additional 16,816 shares during the period. Ameritas Investment Partners Inc. lifted its position in Summit Materials by 4.9% during the second quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock worth $271,000 after buying an additional 443 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new position in Summit Materials during the second quarter worth about $12,201,000.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $30.84, for a total transaction of $385,500.00. Following the completion of the sale, the insider now owns 201,810 shares in the company, valued at approximately $6,223,820.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Thomas W. Hill sold 6,300 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $31.04, for a total value of $195,552.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 196,418 shares of company stock valued at $6,131,924. 1.97% of the stock is owned by insiders.
Shares of Summit Materials Inc (SUM) opened at $32.65 on Monday. The company has a quick ratio of 2.01, a current ratio of 3.13 and a debt-to-equity ratio of 1.42. Summit Materials Inc has a 12 month low of $22.19 and a 12 month high of $34.06. The stock has a market capitalization of $3,720.00 and a PE ratio of -37.97.
Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The business had revenue of $490.02 million during the quarter, compared to analyst estimates of $449.45 million. During the same quarter last year, the firm earned $0.06 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. analysts expect that Summit Materials Inc will post 1.49 EPS for the current year.
SUM has been the topic of several recent analyst reports. Royal Bank of Canada set a $37.00 target price on Summit Materials and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank increased their target price on Summit Materials from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday. 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. 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. Finally, Citigroup upped their price target on Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. Summit Materials currently has an average rating of “Buy” and an average target price of $33.28.
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Summit Materials Company 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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