Summit Materials, Inc. (SUM) Shares Sold by Lapides Asset Management LLC

Lapides Asset Management LLC decreased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 5.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,332 shares of the construction company’s stock after selling 5,500 shares during the quarter. Lapides Asset Management LLC owned 0.09% of Summit Materials worth $3,150,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SUM. Spot Trading L.L.C. purchased a new stake in shares of Summit Materials during the 1st quarter worth approximately $545,000. Principal Financial Group Inc. boosted its stake in shares of Summit Materials by 96.9% during the 1st quarter. Principal Financial Group Inc. now owns 21,368 shares of the construction company’s stock worth $528,000 after acquiring an additional 10,515 shares in the last quarter. FMR LLC boosted its stake in shares of Summit Materials by 2.1% during the 1st quarter. FMR LLC now owns 420,458 shares of the construction company’s stock worth $10,390,000 after acquiring an additional 8,500 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of Summit Materials by 24.1% during the 1st quarter. Teachers Advisors LLC now owns 548,985 shares of the construction company’s stock worth $13,565,000 after acquiring an additional 106,581 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Summit Materials by 37.5% during the 1st quarter. Legal & General Group Plc now owns 77,227 shares of the construction company’s stock worth $1,911,000 after acquiring an additional 21,045 shares in the last quarter.

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In other news, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $28.20, for a total transaction of $352,500.00. Following the completion of the sale, the insider now directly owns 170,610 shares in the company, valued at approximately $4,811,202. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Damian John Murphy sold 100,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total value of $3,066,000.00. Following the sale, the executive vice president now owns 104,398 shares of the company’s stock, valued at $3,200,842.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 271,610 shares of company stock worth $8,301,282. Corporate insiders own 1.97% of the company’s stock.

Shares of Summit Materials, Inc. (NYSE:SUM) traded down $0.47 during trading on Wednesday, hitting $29.90. The company’s stock had a trading volume of 622,500 shares, compared to its average volume of 1,482,132. Summit Materials, Inc. has a one year low of $22.19 and a one year high of $32.69. The stock has a market cap of $3,294.26, a price-to-earnings ratio of 33.01, a PEG ratio of 2.79 and a beta of 2.04. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The business had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. During the same period in the prior year, the company earned $0.73 EPS. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. analysts forecast that Summit Materials, Inc. will post 1.04 EPS for the current fiscal year.

SUM has been the topic of several research analyst reports. Royal Bank Of Canada reissued a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. BidaskClub lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Thursday, August 3rd. Finally, Bank of America Corporation upped their target price on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Summit Materials presently has an average rating of “Buy” and a consensus target price 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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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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