339,600 Shares in Summit Materials, Inc. (SUM) Acquired by Quantitative Investment Management LLC
Quantitative Investment Management LLC acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 339,600 shares of the construction company’s stock, valued at approximately $9,804,000. Quantitative Investment Management LLC owned 0.32% of Summit Materials at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in SUM. Strs Ohio purchased a new position in Summit Materials during the first quarter valued at $192,000. Wells Fargo & Company MN increased its holdings in shares of Summit Materials by 1.0% during the first quarter. Wells Fargo & Company MN now owns 210,572 shares of the construction company’s stock valued at $5,204,000 after acquiring an additional 2,098 shares in the last quarter. Spot Trading L.L.C. bought a new position in shares of Summit Materials during the first quarter valued at $545,000. Great West Life Assurance Co. Can increased its holdings in shares of Summit Materials by 40.9% during the first quarter. Great West Life Assurance Co. Can now owns 12,399 shares of the construction company’s stock valued at $306,000 after acquiring an additional 3,600 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Summit Materials by 55.3% during the first quarter. First Trust Advisors LP now owns 47,551 shares of the construction company’s stock valued at $1,175,000 after acquiring an additional 16,926 shares in the last quarter.
Shares of Summit Materials, Inc. (NYSE SUM) opened at 31.59 on Friday. The company has a 50-day moving average price of $29.83 and a 200 day moving average price of $29.83. Summit Materials, Inc. has a 12-month low of $18.05 and a 12-month high of $31.85. The company has a market capitalization of $3.40 billion, a P/E ratio of 70.20 and a beta of 2.05.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The business had revenue of $478.37 million during the quarter, compared to analysts’ expectations of $469.91 million. During the same quarter last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities analysts anticipate that Summit Materials, Inc. will post $1.19 earnings per share for the current fiscal year.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total value of $359,375.00. Following the completion of the sale, the insider now directly owns 20,610 shares in the company, valued at $592,537.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Damian John Murphy sold 100,000 shares of the stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $30.66, for a total value of $3,066,000.00. Following the completion of 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. Over the last quarter, insiders sold 610,233 shares of company stock valued at $17,975,796. 1.97% of the stock is currently owned by company insiders.
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Several equities analysts have recently weighed in on the company. BidaskClub downgraded Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Royal Bank Of Canada restated an “outperform” rating and set a $35.00 price target (up from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Summit Materials presently has a consensus rating of “Buy” and a consensus price target of $30.43.
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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