Summit Materials Inc (SUM) Position Increased by BlackRock Inc.
BlackRock Inc. increased its position in shares of Summit Materials Inc (NYSE:SUM) by 8.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,560,142 shares of the construction company’s stock after buying an additional 612,601 shares during the period. BlackRock Inc. owned 6.78% of Summit Materials worth $198,453,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of SUM. Wells Fargo & Company MN boosted its stake in Summit Materials by 15.2% during the first quarter. Wells Fargo & Company MN now owns 256,283 shares of the construction company’s stock valued at $7,761,000 after buying an additional 33,748 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new position in Summit Materials during the first quarter valued at approximately $527,000. Swiss National Bank boosted its stake in Summit Materials by 2.4% during the first quarter. Swiss National Bank now owns 190,159 shares of the construction company’s stock valued at $5,758,000 after buying an additional 4,500 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Summit Materials by 8.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 648,368 shares of the construction company’s stock valued at $19,633,000 after buying an additional 49,646 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Summit Materials by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 1,163,770 shares of the construction company’s stock valued at $35,238,000 after buying an additional 57,050 shares during the last quarter.
In other news, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 19th. The stock was sold at an average price of $26.10, for a total value of $326,250.00. Following the completion of the sale, the chief executive officer now directly owns 110,602 shares of the company’s stock, valued at approximately $2,886,712.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Karl Watson acquired 35,500 shares of the stock in a transaction dated Friday, August 3rd. The stock was bought at an average cost of $21.15 per share, with a total value of $750,825.00. Following the completion of the purchase, the chief operating officer now directly owns 23,700 shares in the company, valued at $501,255. The disclosure for this purchase can be found here. 1.50% of the stock is owned by company insiders.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 1st. The construction company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.24). The company had revenue of $549.24 million during the quarter, compared to the consensus estimate of $546.76 million. Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. Summit Materials’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. research analysts expect that Summit Materials Inc will post 1 EPS for the current fiscal year.
A number of brokerages recently commented on SUM. ValuEngine lowered Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus dropped their price target on Summit Materials from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. Stephens set a $24.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Thursday, August 2nd. Barclays dropped their price target on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating for the company in a research note on Thursday, August 2nd. Finally, Royal Bank of Canada lowered their price objective on Summit Materials to $27.00 and set an “outperform” rating for the company in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $30.41.
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.
Further Reading: Earnings Per Share (EPS)
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