Insider Selling: Summit Materials, Inc. (SUM) Insider Sells $588,245.57 in Stock

Summit Materials, Inc. (NYSE:SUM) insider Thomas A. Beck sold 19,459 shares of the company’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $30.23, for a total transaction of $588,245.57. Following the completion of the sale, the insider now directly owns 7,498 shares in the company, valued at approximately $226,664.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Shares of Summit Materials, Inc. (NYSE:SUM) opened at 30.62 on Monday. Summit Materials, Inc. has a 52-week low of $17.27 and a 52-week high of $30.90. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 68.04 and a beta of 2.05. The stock has a 50 day moving average of $28.77 and a 200 day moving average of $26.90.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. The business had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. Summit Materials’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Equities analysts predict that Summit Materials, Inc. will post $1.22 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This piece of content was reported by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of United States & international copyright legislation. The legal version of this piece of content can be read at https://sportsperspectives.com/2017/09/11/insider-selling-summit-materials-inc-sum-insider-sells-588245-57-in-stock.html.

Several analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $35.00 price target (up previously from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. BidaskClub downgraded shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Stifel Nicolaus reissued a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $30.43.

A number of hedge funds and other institutional investors have recently bought and sold shares of SUM. BlackRock Inc. lifted its stake in Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after acquiring an additional 7,509,709 shares during the last quarter. Janus Henderson Group PLC acquired a new stake in Summit Materials in the second quarter valued at approximately $121,836,000. FMR LLC lifted its stake in Summit Materials by 616.9% in the second quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock valued at $87,021,000 after acquiring an additional 2,593,803 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in Summit Materials by 110.7% in the second quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after acquiring an additional 1,570,803 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after acquiring an additional 1,402,233 shares during the last quarter.

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.

Insider Buying and Selling by Quarter for Summit Materials (NYSE:SUM)

Receive News & Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply