Principal Financial Group Inc. lessened its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 36.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,627 shares of the construction company’s stock after selling 7,286 shares during the quarter. Principal Financial Group Inc.’s holdings in Summit Materials were worth $404,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Manhattan Co. acquired a new position in shares of Summit Materials during the third quarter valued at approximately $160,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Summit Materials by 11.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after buying an additional 510 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in Summit Materials during the third quarter worth approximately $202,000. Teacher Retirement System of Texas boosted its holdings in Summit Materials by 0.8% during the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after buying an additional 64 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in Summit Materials by 4.4% during the second quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after buying an additional 360 shares in the last quarter.
In related news, EVP Damian John Murphy sold 115,118 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $31.75, for a total value of $3,654,996.50. Following the completion of the transaction, the executive vice president now owns 66,440 shares of the company’s stock, valued at approximately $2,109,470. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $32.11, for a total transaction of $401,375.00. The disclosure for this sale can be found here. Insiders sold a total of 216,442 shares of company stock valued at $6,814,142 in the last ninety days. Company insiders own 1.97% of the company’s stock.
Shares of Summit Materials, Inc. (NYSE:SUM) opened at $30.13 on Friday. The firm has a market cap of $3,323.89, a P/E ratio of 33.31, a P/E/G ratio of 2.85 and a beta of 1.97. Summit Materials, Inc. has a 1-year low of $22.19 and a 1-year high of $32.69. The company has a current ratio of 2.59, a quick ratio of 2.01 and a debt-to-equity ratio of 1.48.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 9.83% and a net margin of 4.09%. The firm had revenue of $634.18 million during the quarter, compared to analyst estimates of $558.93 million. During the same period in the prior year, the business posted $0.73 EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. equities research analysts predict that Summit Materials, Inc. will post 1.01 EPS for the current fiscal year.
A number of analysts recently weighed in on SUM shares. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. SunTrust Banks set a $38.00 target price on shares of Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Bank of America raised their target price on shares of Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Royal Bank of Canada restated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Finally, Canaccord Genuity restated a “buy” rating and set a $12.50 target price on shares of Summit Materials in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $31.50.
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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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