Summit Materials, Inc. (SUM) Stake Raised by State Street Corp

State Street Corp grew its position in Summit Materials, Inc. (NYSE:SUM) by 7.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,052,800 shares of the construction company’s stock after purchasing an additional 138,579 shares during the period. State Street Corp owned about 1.91% of Summit Materials worth $59,264,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of SUM. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Summit Materials by 11.3% during the 2nd 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. SG Americas Securities LLC lifted its position in Summit Materials by 27.8% during the 1st quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares in the last quarter. ARP Americas LLC acquired a new position in Summit Materials during the 2nd quarter worth about $211,000. Teacher Retirement System of Texas lifted its position in Summit Materials by 0.8% during the 2nd 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 lifted its position in Summit Materials by 4.4% during the 2nd 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.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The business had revenue of $634.18 million during the quarter, compared to the consensus estimate of $558.93 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The business’s revenue was up 19.8% on a year-over-year basis.

Several research analysts recently issued reports on SUM shares. Zacks Investment Research downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Stifel Nicolaus reiterated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a research report on Thursday, August 3rd. Royal Bank Of Canada upped their price target on shares of Summit Materials from $33.00 to $35.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $33.83.

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In other news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total transaction of $401,500.00. Following the sale, the insider now directly owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas A. Beck sold 18,354 shares of Summit Materials stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $29.31, for a total value of $537,955.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 616,433 shares of company stock worth $18,267,484. Company insiders own 1.97% of the company’s stock.

Summit Materials 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.

Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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