ARP Americas LLC Purchases Shares of 7,300 Summit Materials, Inc. (NYSE:SUM)
ARP Americas LLC purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the second quarter, Holdings Channel reports. The firm purchased 7,300 shares of the construction company’s stock, valued at approximately $211,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP acquired a new position in Summit Materials during the fourth quarter valued at approximately $6,225,000. AQR Capital Management LLC acquired a new position in Summit Materials during the fourth quarter valued at approximately $344,000. UBS Asset Management Americas Inc. raised its position in Summit Materials by 46.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 684,335 shares of the construction company’s stock valued at $16,280,000 after buying an additional 218,465 shares during the last quarter. Teachers Advisors LLC raised its position in Summit Materials by 284.6% in the fourth quarter. Teachers Advisors LLC now owns 442,404 shares of the construction company’s stock valued at $10,525,000 after buying an additional 327,386 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in Summit Materials during the first quarter valued at approximately $454,000.
Shares of Summit Materials, Inc. (NYSE SUM) opened at 29.51 on Wednesday. The firm has a market cap of $3.17 billion, a P/E ratio of 50.27 and a beta of 2.06. Summit Materials, Inc. has a 12 month low of $17.48 and a 12 month high of $29.72. The firm has a 50-day moving average of $28.60 and a 200 day moving average of $26.18.
Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same quarter last year, the firm posted $0.46 earnings per share. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts anticipate that Summit Materials, Inc. will post $1.23 EPS for the current fiscal year.
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Several research analysts recently commented on SUM shares. TheStreet lowered shares of Summit Materials from a “b-” rating to a “c” rating in a report on Wednesday, May 3rd. Zacks Investment Research upgraded shares of Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Tuesday, May 9th. Longbow Research started coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target on the stock. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $30.43.
In related news, 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 completion of the sale, the insider now directly owns 20,448 shares in the company, valued at approximately $598,512.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $181,062.00. Following the completion of the sale, the chief executive officer now owns 20,610 shares of the company’s stock, valued at $592,331.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 398,947 shares of company stock valued at $11,502,275. Corporate insiders own 1.97% of the company’s stock.
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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