20,188 Shares in Summit Materials Inc. (SUM) Acquired by Westpac Banking Corp
Westpac Banking Corp purchased a new position in shares of Summit Materials Inc. (NYSE:SUM) during the second quarter, Holdings Channel reports. The firm purchased 20,188 shares of the company’s stock, valued at approximately $413,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SUM. Teacher Retirement System of Texas raised its position in Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock worth $172,000 after buying an additional 2,310 shares during the last quarter. Suntrust Banks Inc. acquired a new position in Summit Materials during the second quarter worth approximately $226,000. Principal Financial Group Inc. acquired a new position in Summit Materials during the second quarter worth approximately $254,000. Bogle Investment Management L P DE acquired a new position in Summit Materials during the first quarter worth approximately $247,000. Finally, LVW Advisors LLC raised its position in Summit Materials by 3.4% in the first quarter. LVW Advisors LLC now owns 15,292 shares of the company’s stock worth $297,000 after buying an additional 500 shares during the last quarter. 87.79% of the stock is owned by institutional investors and hedge funds.
Shares of Summit Materials Inc. (NYSE:SUM) traded down 0.62% on Friday, hitting $19.24. 36,847 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $19.13 and its 200 day moving average price is $20.39. Summit Materials Inc. has a 12-month low of $13.12 and a 12-month high of $24.97. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 57.78 and a beta of 2.07.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Summit Materials had a net margin of 2.02% and a return on equity of 11.60%. The company earned $412.60 million during the quarter, compared to analyst estimates of $417.14 million. During the same quarter last year, the business earned ($0.01) EPS. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. On average, equities analysts predict that Summit Materials Inc. will post $0.10 earnings per share for the current fiscal year.
A number of research firms have commented on SUM. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. DA Davidson reiterated a “buy” rating and set a $27.00 target price on shares of Summit Materials in a report on Wednesday, August 31st. Citigroup Inc. upped their target price on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Summit Materials has an average rating of “Buy” and an average target price of $24.50.
In related news, CEO Thomas W. Hill sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $21.45, for a total value of $214,500.00. Following the completion of the sale, the chief executive officer now owns 10,150 shares in the company, valued at $217,717.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anne Lee Benedict sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total transaction of $103,350.00. Following the completion of the sale, the insider now owns 7,030 shares of the company’s stock, valued at approximately $145,310.10. The disclosure for this sale can be found here. 4.49% of the stock is currently owned by corporate insiders.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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