Great West Life Assurance Co. Can maintained its position in shares of Summit Materials, Inc. (NYSE:SUM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,399 shares of the construction company’s stock at the close of the second quarter. Great West Life Assurance Co. Can’s holdings in Summit Materials were worth $357,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in SUM. Strs Ohio acquired a new position in Summit Materials in the 1st quarter valued at approximately $192,000. Wells Fargo & Company MN increased its stake in shares of Summit Materials by 1.0% during the 1st quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock worth $5,204,000 after purchasing an additional 2,098 shares during the last quarter. Spot Trading L.L.C. acquired a new position in shares of Summit Materials during the 1st quarter worth $545,000. First Trust Advisors LP increased its stake in shares of Summit Materials by 55.3% during the 1st quarter. First Trust Advisors LP now owns 47,551 shares of the construction company’s stock worth $1,175,000 after purchasing an additional 16,926 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Summit Materials by 3.7% during the 1st quarter. American Century Companies Inc. now owns 316,755 shares of the construction company’s stock worth $7,827,000 after purchasing an additional 11,258 shares during the last quarter.
Shares of Summit Materials, Inc. (SUM) opened at 29.92 on Tuesday. The firm has a market cap of $3.22 billion, a PE ratio of 66.49 and a beta of 2.05. Summit Materials, Inc. has a 12 month low of $17.27 and a 12 month high of $30.90. The stock’s 50 day moving average is $28.77 and its 200 day moving average is $26.90.
Summit Materials (NYSE:SUM) last released 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. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm 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 company earned $0.46 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts forecast that Summit Materials, Inc. will post $1.22 EPS for the current fiscal year.
In other Summit Materials news, insider Anne Lee Benedict sold 7,500 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $28.48, for a total transaction of $213,600.00. Following the completion of the sale, the insider now owns 11,213 shares of the company’s stock, valued at approximately $319,346.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas W. Hill sold 6,200 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $30.04, for a total transaction of $186,248.00. Following the sale, the chief executive officer now directly owns 170,610 shares of the company’s stock, valued at approximately $5,125,124.40. The disclosure for this sale can be found here. Insiders have sold a total of 531,879 shares of company stock valued at $15,496,565 in the last three months. Insiders own 1.97% of the company’s stock.
A number of research analysts recently issued reports on the stock. BidaskClub lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Royal Bank Of Canada increased their price target on shares of Summit Materials from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. Zacks Investment Research downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, July 14th. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Longbow Research assumed coverage on shares of Summit Materials in a report on Thursday, June 8th. They set a “buy” rating and a $34.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Summit Materials presently has a consensus rating of “Buy” and an average target price of $30.43.
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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