Impala Asset Management LLC Raises Position in Summit Materials, Inc. (SUM)
Impala Asset Management LLC boosted its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 35.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,904,025 shares of the construction company’s stock after purchasing an additional 495,897 shares during the quarter. Summit Materials comprises 2.7% of Impala Asset Management LLC’s holdings, making the stock its 10th largest holding. Impala Asset Management LLC owned 1.76% of Summit Materials worth $60,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of SUM. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Materials by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares in the last quarter. First Manhattan Co. acquired a new stake in Summit Materials in the third quarter worth about $160,000. Daiwa Securities Group Inc. acquired a new stake in Summit Materials in the third quarter worth about $202,000. ARP Americas LLC acquired a new stake in Summit Materials in the second quarter worth about $211,000. Finally, Venturi Wealth Management LLC boosted its holdings in Summit Materials by 4.4% in the second quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after acquiring an additional 360 shares in the last quarter.
Summit Materials, Inc. (NYSE SUM) traded down $0.56 during trading on Monday, hitting $30.20. The company had a trading volume of 911,700 shares, compared to its average volume of 1,461,216. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01. Summit Materials, Inc. has a 12-month low of $22.19 and a 12-month high of $32.69. The firm has a market capitalization of $3,280.00 and a P/E ratio of 32.83.
Summit Materials (NYSE:SUM) last released its earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The firm had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. During the same period last year, the firm earned $0.73 EPS. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. analysts expect that Summit Materials, Inc. will post 1.02 EPS for the current fiscal year.
In related news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $29.80, for a total transaction of $372,500.00. Following the completion of the sale, the insider now owns 214,310 shares of the company’s stock, valued at $6,386,438. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas Charles Rauh sold 26,324 shares of Summit Materials stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total value of $825,520.64. Following the sale, the insider now directly owns 18,724 shares of the company’s stock, valued at approximately $587,184.64. The disclosure for this sale can be found here. Insiders have sold 257,036 shares of company stock valued at $7,884,062 in the last ninety days. Corporate insiders own 1.97% of the company’s stock.
Several brokerages have weighed in on SUM. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. SunTrust Banks set a $38.00 price target on Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Bank of America raised their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Royal Bank Of Canada reissued a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Finally, Canaccord Genuity reissued a “buy” rating and issued a $12.50 price target on shares of Summit Materials in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $31.42.
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Summit Materials Company 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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