Millennium Management LLC Sells 813,570 Shares of Summit Materials Inc (NYSE:SUM)

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Millennium Management LLC lowered its position in Summit Materials Inc (NYSE:SUM) by 38.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,312,811 shares of the construction company’s stock after selling 813,570 shares during the period. Millennium Management LLC’s holdings in Summit Materials were worth $29,144,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. HighTower Advisors LLC grew its holdings in shares of Summit Materials by 8.0% in the second quarter. HighTower Advisors LLC now owns 14,250 shares of the construction company’s stock worth $275,000 after acquiring an additional 1,050 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in shares of Summit Materials by 6.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 18,987 shares of the construction company’s stock worth $365,000 after acquiring an additional 1,120 shares during the period. Advisor Group Inc. grew its holdings in Summit Materials by 9.7% during the second quarter. Advisor Group Inc. now owns 12,834 shares of the construction company’s stock valued at $248,000 after purchasing an additional 1,135 shares during the period. Aperio Group LLC grew its holdings in Summit Materials by 3.4% during the second quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock valued at $1,036,000 after purchasing an additional 1,795 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in Summit Materials by 10.0% during the second quarter. Envestnet Asset Management Inc. now owns 20,093 shares of the construction company’s stock valued at $387,000 after purchasing an additional 1,831 shares during the period.

In other news, CFO Brian James Harris sold 30,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $23.60, for a total value of $708,000.00. Following the transaction, the chief financial officer now directly owns 86,466 shares in the company, valued at $2,040,597.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mikel Shane Evans sold 344,231 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $23.60, for a total value of $8,123,851.60. Following the completion of the transaction, the insider now owns 6,288 shares in the company, valued at $148,396.80. The disclosure for this sale can be found here. Insiders sold 415,051 shares of company stock worth $9,793,345 over the last 90 days. Company insiders own 1.76% of the company’s stock.

Several analysts have issued reports on SUM shares. JPMorgan Chase & Co. boosted their price target on Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Barclays set a $22.00 price target on Summit Materials and gave the company a “hold” rating in a report on Tuesday, October 15th. Stifel Nicolaus set a $28.00 price target on Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 8th. DA Davidson boosted their price target on Summit Materials to $28.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Exane BNP Paribas started coverage on Summit Materials in a report on Wednesday, October 9th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.13.

NYSE:SUM opened at $23.87 on Monday. The stock has a 50-day simple moving average of $23.04 and a two-hundred day simple moving average of $19.93. Summit Materials Inc has a 52-week low of $11.25 and a 52-week high of $24.50. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.75 and a current ratio of 2.34. The firm has a market capitalization of $2.68 billion, a PE ratio of 159.13 and a beta of 2.16.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.20). Summit Materials had a net margin of 0.20% and a return on equity of 1.40%. The business had revenue of $665.85 million during the quarter, compared to analysts’ expectations of $674.18 million. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Summit Materials’s revenue was up 6.5% on a year-over-year basis. Equities analysts forecast that Summit Materials Inc will post 0.43 earnings per share for the current fiscal year.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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