NJ State Employees Deferred Compensation Plan acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 22,000 shares of the construction company’s stock, valued at approximately $705,000.
Other hedge funds have also bought and sold shares of the company. First Manhattan Co. purchased a new position in Summit Materials in the third quarter worth $160,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 purchasing an additional 510 shares during the last quarter. SG Americas Securities LLC boosted its position in Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,589 shares during the last quarter. ARP Americas LLC purchased a new position in Summit Materials in the second quarter worth $211,000. Finally, Teacher Retirement System of Texas boosted its position in Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after purchasing an additional 64 shares during the last quarter.
Several research analysts have weighed in on SUM shares. Stifel Nicolaus reissued a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research report on Thursday, August 3rd. BidaskClub upgraded Summit Materials from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, SunTrust Banks, Inc. set a $38.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Summit Materials presently has a consensus rating of “Hold” and an average target price of $33.83.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The firm had revenue of $634.18 million during the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 10.35% and a net margin of 4.09%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business earned $0.73 earnings per share.
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In other news, insider Thomas W. Hill sold 12,500 shares of the firm’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 directly owns 139,310 shares in the company, valued at approximately $4,474,637.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $29.30, for a total value of $7,325,000.00. Following the completion of the transaction, the insider now owns 70,610 shares in the company, valued at $2,068,873. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 595,286 shares of company stock worth $17,648,511. Company insiders own 1.97% of the company’s stock.
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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