Summit Materials, Inc. (SUM) Shares Sold by Essex Investment Management Co. LLC
Essex Investment Management Co. LLC lessened its holdings in Summit Materials, Inc. (NYSE:SUM) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 89,227 shares of the construction company’s stock after selling 4,323 shares during the quarter. Essex Investment Management Co. LLC owned 0.08% of Summit Materials worth $2,858,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in SUM. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Summit Materials by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after purchasing an additional 510 shares during the last quarter. First Manhattan Co. acquired a new stake in shares of Summit Materials in the 3rd quarter valued at about $160,000. SG Americas Securities LLC grew its stake in shares of Summit Materials by 27.8% in the 1st 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 acquired a new stake in shares of Summit Materials in the 2nd quarter valued at about $211,000. Finally, KCG Holdings Inc. acquired a new stake in shares of Summit Materials in the 1st quarter valued at about $247,000.
A number of equities analysts have issued reports on SUM shares. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub raised shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. SunTrust Banks, Inc. set a $38.00 target price on shares of Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Summit Materials in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $33.83.
In other news, insider Douglas Charles Rauh sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $28.69, for a total value of $2,869,000.00. Following the completion of the sale, the insider now owns 43,051 shares in the company, valued at approximately $1,235,133.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas W. Hill sold 250,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the sale, the insider now owns 70,610 shares of the company’s stock, valued at approximately $2,068,873. The disclosure for this sale can be found here. In the last 90 days, insiders sold 595,286 shares of company stock valued at $17,648,511. Company insiders own 1.97% of the company’s stock.
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Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The business had revenue of $634.18 million during the quarter, compared to the consensus estimate of $558.93 million. During the same quarter in the prior year, the firm posted $0.73 EPS. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year.
Summit Materials 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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