MARSHALL WACE ASIA Ltd bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 20,657 shares of the construction company’s stock, valued at approximately $516,000.
A number of other institutional investors also recently added to or reduced their stakes in SUM. Foresters Investment Management Company Inc. increased its stake in shares of Summit Materials by 0.6% in the first quarter. Foresters Investment Management Company Inc. now owns 840,180 shares of the construction company’s stock valued at $20,761,000 after buying an additional 5,078 shares during the period. Apertura Capital LLC acquired a new stake in shares of Summit Materials during the first quarter valued at about $6,178,000. TimesSquare Capital Management LLC increased its stake in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Summit Materials during the first quarter valued at about $209,000. Finally, Legal & General Group Plc increased its stake in shares of Summit Materials by 37.5% in the first quarter. Legal & General Group Plc now owns 77,227 shares of the construction company’s stock valued at $1,911,000 after buying an additional 21,045 shares during the period.
Summit Materials, Inc. (NYSE:SUM) traded up 1.66% on Friday, hitting $28.70. The company had a trading volume of 1,503,715 shares. Summit Materials, Inc. has a one year low of $17.48 and a one year high of $29.67. The stock’s 50-day moving average price is $28.52 and its 200 day moving average price is $26.02. The company has a market capitalization of $3.05 billion, a P/E ratio of 434.85 and a beta of 2.09.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by $0.02. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. The firm had revenue of $259 million for the quarter, compared to analyst estimates of $233.63 million. During the same period last year, the company posted ($0.42) earnings per share. The firm’s quarterly revenue was up 24.5% compared to the same quarter last year. On average, analysts expect that Summit Materials, Inc. will post $1.31 EPS for the current fiscal year.
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Several equities research analysts have issued reports on the company. BidaskClub downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Thursday, July 20th. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, July 14th. Royal Bank Of Canada restated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. Longbow Research started coverage on Summit Materials in a report on Thursday, June 8th. They set a “buy” rating and a $34.00 price objective for the company. Finally, TheStreet downgraded Summit Materials from a “b-” rating to a “c” rating in a report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. Summit Materials has a consensus rating of “Hold” and a consensus price target of $28.86.
In other Summit Materials news, insider Mikel Shane Evans sold 37,200 shares of the business’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $28.57, for a total transaction of $1,062,804.00. Following the completion of the sale, the insider now directly owns 38,993 shares of the company’s stock, valued at approximately $1,114,030.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total value of $359,375.00. Following the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at $592,537.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 284,854 shares of company stock worth $7,995,604. 1.97% of the stock is owned by company insiders.
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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