DekaBank Deutsche Girozentrale purchased a new position in shares of Summit Materials Inc (NYSE:SUM) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 4,140 shares of the construction company’s stock, valued at approximately $123,000.
A number of other large investors also recently made changes to their positions in the stock. SG Americas Securities LLC raised its stake in Summit Materials by 484.3% during the 1st quarter. SG Americas Securities LLC now owns 29,293 shares of the construction company’s stock worth $887,000 after acquiring an additional 24,280 shares in the last quarter. Wells Fargo & Company MN raised its stake in Summit Materials by 15.2% during the 1st quarter. Wells Fargo & Company MN now owns 256,283 shares of the construction company’s stock worth $7,761,000 after acquiring an additional 33,748 shares in the last quarter. Global X Management Co. LLC raised its stake in Summit Materials by 199.4% during the 1st quarter. Global X Management Co. LLC now owns 22,713 shares of the construction company’s stock worth $688,000 after acquiring an additional 15,128 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new stake in Summit Materials during the 4th quarter worth $285,000. Finally, Pier Capital LLC raised its stake in Summit Materials by 98.6% during the 4th quarter. Pier Capital LLC now owns 194,077 shares of the construction company’s stock worth $6,102,000 after acquiring an additional 96,370 shares in the last quarter.
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Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Saturday, May 19th. ValuEngine downgraded shares of Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. TheStreet raised shares of Summit Materials from a “c” rating to a “b” rating in a research report on Monday, March 19th. Jefferies Group initiated coverage on shares of Summit Materials in a research report on Tuesday, April 17th. They set a “buy” rating and a $36.00 price objective on the stock. Finally, Royal Bank of Canada set a $37.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $33.50.
Shares of Summit Materials stock opened at $28.30 on Friday. Summit Materials Inc has a 1 year low of $26.25 and a 1 year high of $34.06. The company has a current ratio of 2.17, a quick ratio of 1.37 and a debt-to-equity ratio of 1.46. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 30.43, a price-to-earnings-growth ratio of 1.81 and a beta of 1.73.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, May 8th. The construction company reported ($0.55) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.59) by $0.04. Summit Materials had a net margin of 6.03% and a return on equity of 10.20%. The company had revenue of $289.92 million for the quarter, compared to the consensus estimate of $297.51 million. During the same period last year, the firm posted ($0.49) EPS. Summit Materials’s revenue for the quarter was up 11.9% on a year-over-year basis. research analysts forecast that Summit Materials Inc will post 1.52 EPS for the current year.
In other news, CEO Thomas W. Hill sold 6,300 shares of Summit Materials stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $32.04, for a total value of $201,852.00. Following the sale, the chief executive officer now owns 152,846 shares of the company’s stock, valued at $4,897,185.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ted A. Gardner sold 30,000 shares of Summit Materials stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $32.01, for a total transaction of $960,300.00. Following the completion of the sale, the director now directly owns 10,601 shares in the company, valued at approximately $339,338.01. The disclosure for this sale can be found here. In the last ninety days, insiders sold 595,426 shares of company stock worth $18,461,008. Insiders own 1.50% of the company’s stock.
Summit Materials Company Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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