Legato Capital Management LLC Acquires Shares of 9,613 Summit Materials, Inc. (SUM)
Legato Capital Management LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 9,613 shares of the construction company’s stock, valued at approximately $308,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Summit Materials by 0.8% during the second quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock valued at $246,089,000 after purchasing an additional 70,684 shares during the period. BlackRock Inc. boosted its stake in shares of Summit Materials by 57,208.1% during the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after purchasing an additional 7,509,709 shares during the period. Janus Henderson Group PLC purchased a new stake in shares of Summit Materials during the second quarter valued at $121,836,000. Goldman Sachs Group Inc. boosted its stake in shares of Summit Materials by 23.9% during the second quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock valued at $96,565,000 after purchasing an additional 645,543 shares during the period. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Summit Materials by 2.5% during the second quarter. TimesSquare Capital Management LLC now owns 3,069,486 shares of the construction company’s stock valued at $88,616,000 after purchasing an additional 75,600 shares during the period.
In other Summit Materials news, insider Thomas W. Hill sold 250,000 shares of Summit Materials stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the sale, the insider now directly owns 70,610 shares of the company’s stock, valued at $2,068,873. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $28.56, for a total value of $357,000.00. Following the sale, the insider now directly owns 170,610 shares in the company, valued at $4,872,621.60. The disclosure for this sale can be found here. Insiders have sold 621,610 shares of company stock worth $18,474,032 over the last ninety days. Company insiders own 1.97% of the company’s stock.
Summit Materials, Inc. (NYSE SUM) remained flat at $$30.89 during mid-day trading on Friday. 1,014,486 shares of the stock traded hands, compared to its average volume of 1,457,725. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.98 and a quick ratio of 2.32. The stock has a market cap of $3,296.09, a PE ratio of 33.33, a P/E/G ratio of 2.81 and a beta of 2.04.
Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.10). The company had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.73 earnings per share. equities research analysts anticipate that Summit Materials, Inc. will post 1.04 earnings per share for the current fiscal year.
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A number of analysts have recently issued reports on SUM shares. BidaskClub lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Thursday, July 20th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Royal Bank Of Canada reissued an “outperform” rating and set a $35.00 target price (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. Stifel Nicolaus reissued a “buy” rating and set a $35.00 target price on shares of Summit Materials in a research note on Thursday, August 3rd. Finally, SunTrust Banks, Inc. set a $38.00 target price on shares of 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 issued a hold rating and six have issued a buy rating to the stock. Summit Materials presently has a consensus rating of “Hold” and a consensus price target of $33.83.
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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