Swiss National Bank grew its holdings in Summit Materials, Inc. (NYSE:SUM) by 1.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 177,396 shares of the construction company’s stock after acquiring an additional 3,000 shares during the quarter. Swiss National Bank owned about 0.17% of Summit Materials worth $5,121,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Summit Materials by 19.9% in the 1st quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after acquiring an additional 1,402,233 shares during the last quarter. BlackRock Inc. boosted its position in shares of Summit Materials by 57,208.1% in the 1st quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after purchasing an additional 7,509,709 shares during the period. Janus Capital Management LLC boosted its position in shares of Summit Materials by 11.3% in the 1st quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock valued at $100,723,000 after purchasing an additional 412,239 shares during the period. TimesSquare Capital Management LLC boosted its position in shares of Summit Materials by 70.9% in the 1st quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after purchasing an additional 1,242,505 shares during the period. Finally, RE Advisers Corp boosted its position in shares of Summit Materials by 21.3% in the 1st quarter. RE Advisers Corp now owns 2,025,836 shares of the construction company’s stock valued at $50,058,000 after purchasing an additional 355,530 shares during the period.
In other news, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the completion of the transaction, the chief executive officer now directly owns 20,610 shares in the company, valued at $592,331.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anne Lee Benedict sold 21,147 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $29.27, for a total value of $618,972.69. Following the transaction, the insider now owns 20,448 shares of the company’s stock, valued at $598,512.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 622,733 shares of company stock valued at $18,322,921. Insiders own 1.97% of the company’s stock.
A number of analysts recently issued reports on SUM shares. BidaskClub cut Summit Materials from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 5th. Royal Bank Of Canada reissued a “buy” rating and issued a $33.00 target price on shares of Summit Materials in a research report on Monday, June 19th. Stifel Nicolaus reissued a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research report on Thursday, August 3rd. Finally, Longbow Research began coverage on Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $30.43.
Shares of Summit Materials, Inc. (NYSE:SUM) opened at 30.95 on Thursday. Summit Materials, Inc. has a 12-month low of $18.05 and a 12-month high of $31.07. The stock has a 50 day moving average price of $29.83 and a 200 day moving average price of $29.83. The firm has a market capitalization of $3.33 billion, a PE ratio of 68.78 and a beta of 2.05.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). The business had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Analysts predict that Summit Materials, Inc. will post $1.19 EPS for the current fiscal year.
About Summit Materials
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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