Daiwa Securities Group Inc. purchased a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,300 shares of the construction company’s stock, valued at approximately $202,000.
Other hedge funds have also recently bought and sold shares of the company. First Manhattan Co. acquired a new position in Summit Materials during the 3rd quarter worth approximately $160,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Summit Materials by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after purchasing an additional 510 shares during the last quarter. ARP Americas LLC purchased a new stake in shares of Summit Materials in the second quarter worth approximately $211,000. Teacher Retirement System of Texas raised its stake in shares of Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after purchasing an additional 64 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of Summit Materials by 4.4% in the second quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after purchasing an additional 360 shares during the last quarter.
In related news, EVP Damian John Murphy sold 100,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 104,398 shares of the company’s stock, valued at $3,200,842.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $30.26, for a total value of $378,250.00. Following the sale, the insider now directly owns 126,810 shares of the company’s stock, valued at $3,837,270.60. The disclosure for this sale can be found here. Insiders have sold 271,610 shares of company stock valued at $8,301,282 over the last ninety days. 1.97% of the stock is currently owned by company insiders.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The business had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 earnings per share. research analysts anticipate that Summit Materials, Inc. will post 1.04 EPS for the current fiscal year.
Several brokerages have recently commented on SUM. downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. SunTrust Banks, Inc. set a $38.00 price objective on Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Bank of America Corporation increased their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Royal Bank Of Canada reissued a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Finally, reissued a “buy” rating and issued a $12.50 price objective on shares of Summit Materials in a research note on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $30.79.
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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