Public Employees Retirement System of Ohio trimmed its stake in Summit Materials, Inc. (NYSE:SUM) by 6.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,638 shares of the construction company’s stock after selling 6,345 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.08% of Summit Materials worth $2,472,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of 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 acquiring an additional 510 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Summit Materials by 27.8% during the 1st quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after acquiring an additional 1,589 shares during the last quarter. ARP Americas LLC bought a new stake in shares of Summit Materials during the 2nd quarter worth approximately $211,000. KCG Holdings Inc. bought a new stake in shares of Summit Materials during the 1st quarter worth approximately $247,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Summit Materials by 0.8% during the 2nd quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after acquiring an additional 64 shares during the last quarter.
In other Summit Materials news, EVP Damian John Murphy sold 100,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the transaction, the executive vice president now directly owns 104,398 shares in the company, valued at $3,200,842.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total value of $401,500.00. Following the transaction, the insider now owns 139,310 shares in the company, valued at $4,474,637.20. The disclosure for this sale can be found here. Insiders have sold 616,433 shares of company stock worth $18,267,484 over the last 90 days. 1.97% of the stock is owned by insiders.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). Summit Materials had a return on equity of 10.35% 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 quarter last year, the company earned $0.73 earnings per share. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis.
SUM has been the subject of a number of research analyst reports. BidaskClub lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada raised their price target on Summit Materials from $33.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Summit Materials currently has an average rating of “Hold” and an average price target of $33.83.
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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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