Summit Materials, Inc. (SUM) Stake Lessened by Kornitzer Capital Management Inc. KS
Kornitzer Capital Management Inc. KS lowered its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 10.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 446,930 shares of the construction company’s stock after selling 52,720 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.42% of Summit Materials worth $14,315,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Legato Capital Management LLC acquired a new position in shares of Summit Materials during the third quarter valued at about $308,000. Artemis Investment Management LLP increased its holdings in Summit Materials by 68.1% in the 3rd quarter. Artemis Investment Management LLP now owns 637,956 shares of the construction company’s stock worth $20,443,000 after buying an additional 258,502 shares during the period. Public Employees Retirement Association of Colorado increased its holdings in Summit Materials by 2.8% in the 3rd quarter. Public Employees Retirement Association of Colorado now owns 918,900 shares of the construction company’s stock worth $29,432,000 after buying an additional 25,100 shares during the period. NJ State Employees Deferred Compensation Plan acquired a new position in Summit Materials in the 3rd quarter worth approximately $705,000. Finally, Parametrica Management Ltd acquired a new position in Summit Materials in the 3rd quarter worth approximately $432,000.
SUM has been the topic of several research reports. BidaskClub downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Thursday, July 20th. Royal Bank Of Canada reiterated a “buy” rating on shares of Summit Materials in a report on Thursday. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. Finally, SunTrust Banks, Inc. set a $38.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $33.83.
In other news, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $30.27, for a total transaction of $190,701.00. Following the transaction, the chief executive officer now owns 170,610 shares in the company, valued at approximately $5,164,364.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $28.20, for a total value of $352,500.00. Following the transaction, the insider now owns 170,610 shares in the company, valued at approximately $4,811,202. The disclosure for this sale can be found here. Insiders have sold a total of 371,610 shares of company stock worth $11,149,032 in the last quarter. Insiders own 1.97% of the company’s stock.
Summit Materials, Inc. (NYSE SUM) traded up $0.04 during trading on Monday, reaching $30.93. The company’s stock had a trading volume of 1,630 shares, compared to its average volume of 1,342,011. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48. The firm has a market cap of $3,350.48, a PE ratio of 33.58, a price-to-earnings-growth ratio of 2.83 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 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.10). Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The company had revenue of $634.18 million during the quarter, compared to analysts’ expectations of $558.93 million. During the same quarter in the prior year, the company posted $0.73 EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. equities analysts expect that Summit Materials, Inc. will post 1.04 earnings per share for the current year.
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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