Summit Materials Inc (NYSE:SUM) EVP Damian John Murphy sold 32,033 shares of the business’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $24.09, for a total value of $771,674.97. Following the completion of the sale, the executive vice president now owns 34,941 shares in the company, valued at $841,728.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Summit Materials Inc (NYSE:SUM) traded up 0.69% during midday trading on Monday, reaching $23.36. The company’s stock had a trading volume of 1,480,021 shares. Summit Materials Inc has a one year low of $17.27 and a one year high of $26.46. The stock’s 50 day moving average price is $24.35 and its 200 day moving average price is $22.27. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 43.99 and a beta of 2.28.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, February 22nd. The company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.04. The company had revenue of $387.40 million for the quarter, compared to analyst estimates of $385.35 million. Summit Materials had a return on equity of 17.05% and a net margin of 3.99%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. Analysts predict that Summit Materials Inc will post $1.29 earnings per share for the current year.
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SUM has been the topic of a number of recent research reports. SunTrust Banks, Inc. initiated coverage on Summit Materials in a research report on Friday, January 20th. They set a “buy” rating and a $30.00 price objective on the stock. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th. Finally, TheStreet upgraded Summit Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, December 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Summit Materials has a consensus rating of “Hold” and an average price target of $24.43.
Hedge funds and other institutional investors have recently modified their holdings of the company. Skylands Capital LLC bought a new position in shares of Summit Materials during the third quarter valued at $1,219,000. Nationwide Fund Advisors boosted its position in shares of Summit Materials by 20.8% in the third quarter. Nationwide Fund Advisors now owns 49,995 shares of the company’s stock valued at $927,000 after buying an additional 8,598 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of Summit Materials by 31.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 625,600 shares of the company’s stock valued at $11,605,000 after buying an additional 150,000 shares in the last quarter. New Jersey Better Educational Savings Trust bought a new position in shares of Summit Materials during the third quarter valued at $501,000. Finally, Great West Life Assurance Co. Can boosted its position in shares of Summit Materials by 66.1% in the third quarter. Great West Life Assurance Co. Can now owns 8,695 shares of the company’s stock valued at $161,000 after buying an additional 3,461 shares in the last quarter. Institutional investors and hedge funds own 78.73% of the company’s stock.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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