Insider Selling: Summit Materials, Inc. (SUM) EVP Sells $3,066,000.00 in Stock
Summit Materials, Inc. (NYSE:SUM) EVP Damian John Murphy sold 100,000 shares of Summit Materials stock in a transaction on Monday, September 11th. The shares were 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 owns 104,398 shares in the company, valued at $3,200,842.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Summit Materials, Inc. (NYSE SUM) opened at 29.30 on Friday. Summit Materials, Inc. has a 52 week low of $17.99 and a 52 week high of $30.45. The firm has a 50 day moving average of $29.76 and a 200-day moving average of $26.78. The stock has a market capitalization of $3.15 billion, a PE ratio of 65.10 and a beta of 2.05.
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 consensus estimate of $0.57 by ($0.09). The business had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. Summit Materials’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. On average, equities analysts predict that Summit Materials, Inc. will post $1.21 EPS for the current year.
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A number of analysts have issued reports on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $35.00 price target (up from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. BidaskClub downgraded shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $30.43.
Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after buying an additional 1,819 shares during the period. SG Americas Securities LLC raised its stake in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after buying an additional 1,589 shares during the period. ARP Americas LLC bought a new stake in Summit Materials in the second quarter valued at approximately $211,000. Strs Ohio bought a new stake in Summit Materials in the first quarter valued at approximately $192,000. Finally, Teacher Retirement System of Texas bought a new stake in Summit Materials in the first quarter valued at approximately $209,000.
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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