Cipher Capital LP lessened its stake in Summit Materials, Inc. (NYSE:SUM) by 80.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 28,054 shares of the construction company’s stock after selling 113,575 shares during the period. Cipher Capital LP’s holdings in Summit Materials were worth $810,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. increased its holdings in Summit Materials by 2.7% in the 2nd quarter. American Century Companies Inc. now owns 325,245 shares of the construction company’s stock valued at $9,390,000 after purchasing an additional 8,490 shares during the last quarter. BP Capital Fund Advisors LLC acquired a new stake in Summit Materials in the 1st quarter valued at approximately $3,181,000. First Trust Advisors LP increased its holdings in Summit Materials by 210.8% in the 2nd quarter. First Trust Advisors LP now owns 147,795 shares of the construction company’s stock valued at $4,267,000 after purchasing an additional 100,244 shares during the last quarter. Steadfast Capital Management LP increased its holdings in Summit Materials by 4.3% in the 1st quarter. Steadfast Capital Management LP now owns 1,654,509 shares of the construction company’s stock valued at $40,883,000 after purchasing an additional 68,504 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado grew its stake in shares of Summit Materials by 68.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 893,800 shares of the construction company’s stock worth $25,804,000 after acquiring an additional 362,500 shares in the last quarter.
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In other Summit Materials news, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 70,610 shares of the company’s stock, valued at approximately $2,068,873. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total transaction of $359,375.00. Following the transaction, the insider now directly owns 20,610 shares of the company’s stock, valued at $592,537.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 610,233 shares of company stock valued at $17,975,796. Company insiders own 1.97% of the company’s stock.
Several research firms have commented on SUM. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 price target (up previously from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $30.43.
Summit Materials, Inc. (NYSE:SUM) traded up 0.38% during midday trading on Friday, hitting $31.71. 1,080,616 shares of the stock traded hands. Summit Materials, Inc. has a one year low of $18.05 and a one year high of $31.81. The company’s 50-day moving average is $29.83 and its 200-day moving average is $29.83. The company has a market cap of $3.41 billion, a PE ratio of 70.47 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 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.09). The firm had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. Summit Materials’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. Equities research analysts expect that Summit Materials, Inc. will post $1.19 EPS for the current fiscal 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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