RK Capital Management LLC reduced its position in Summit Materials, Inc. (NYSE:SUM) by 15.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,600 shares of the construction company’s stock after selling 33,900 shares during the quarter. RK Capital Management LLC owned approximately 0.17% of Summit Materials worth $5,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of SUM. BlackRock Inc. boosted its position in shares of Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after purchasing an additional 7,509,709 shares during the period. Vanguard Group Inc. boosted its position in shares of Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after purchasing an additional 1,402,233 shares during the period. TimesSquare Capital Management LLC boosted its position 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 worth $73,979,000 after purchasing an additional 1,242,505 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Summit Materials in the second quarter worth approximately $34,909,000. Finally, Epoch Investment Partners Inc. bought a new position in shares of Summit Materials in the first quarter worth approximately $26,076,000.
SUM has been the subject of a number of recent analyst reports. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a research report on Thursday, August 3rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a research report on Monday, June 19th. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Longbow Research initiated coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $30.43.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Friday, July 7th. The shares were sold at an average price of $29.22, for a total transaction of $365,250.00. Following the sale, the insider now owns 20,610 shares of the company’s stock, valued at approximately $602,224.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Damian John Murphy sold 100,000 shares of Summit Materials stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the sale, the executive vice president now directly owns 104,398 shares in the company, valued at approximately $3,200,842.68. The disclosure for this sale can be found here. Insiders sold a total of 604,379 shares of company stock worth $17,784,965 in the last three months. 1.97% of the stock is owned by corporate insiders.
Shares of Summit Materials, Inc. (SUM) traded up 0.41% during trading on Friday, hitting $29.42. 1,228,852 shares of the company were exchanged. The firm has a market capitalization of $3.16 billion, a PE ratio of 65.38 and a beta of 2.05. The firm’s 50-day moving average price is $29.70 and its 200 day moving average price is $27.35. Summit Materials, Inc. has a 12 month low of $17.99 and a 12 month high of $30.45.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The company had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period in the prior year, the business posted $0.46 EPS. Summit Materials’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Summit Materials, Inc. will post $1.19 earnings per share for the current fiscal year.
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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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