BNP Paribas Arbitrage SA raised its position in shares of Summit Materials Inc. (NYSE:SUM) by 154.8% during the third quarter, Holdings Channel reports. The institutional investor owned 6,299 shares of the company’s stock after buying an additional 3,827 shares during the period. BNP Paribas Arbitrage SA’s holdings in Summit Materials were worth $117,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. BlackRock Japan Co. Ltd increased its stake in shares of Summit Materials by 34.2% in the second quarter. BlackRock Japan Co. Ltd now owns 5,179 shares of the company’s stock worth $106,000 after buying an additional 1,321 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of Summit Materials during the second quarter worth $133,000. Teacher Retirement System of Texas increased its stake in shares of Summit Materials by 37.9% in the second quarter. Teacher Retirement System of Texas now owns 8,410 shares of the company’s stock worth $172,000 after buying an additional 2,310 shares in the last quarter. Sei Investments Co. increased its stake in shares of Summit Materials by 29.4% in the second quarter. Sei Investments Co. now owns 10,565 shares of the company’s stock worth $216,000 after buying an additional 2,399 shares in the last quarter. Finally, Suntrust Banks Inc. acquired a new stake in shares of Summit Materials during the second quarter worth $226,000. 87.79% of the stock is currently owned by hedge funds and other institutional investors.
Summit Materials Inc. (NYSE:SUM) opened at 19.04 on Friday. The stock has a 50 day moving average price of $18.90 and a 200-day moving average price of $20.37. The company has a market capitalization of $1.44 billion, a PE ratio of 57.18 and a beta of 2.07. Summit Materials Inc. has a 52 week low of $13.12 and a 52 week high of $24.60.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by $0.01. The company earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS. On average, equities analysts predict that Summit Materials Inc. will post $0.10 earnings per share for the current fiscal year.
A number of equities research analysts have weighed in on SUM shares. Bank of America Corp. reaffirmed a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. DA Davidson reaffirmed a “buy” rating and issued a $27.00 target price on shares of Summit Materials in a report on Sunday, October 9th. Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Thursday, October 6th. Citigroup Inc. increased their price target on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Finally, Goldman Sachs Group Inc. cut Summit Materials from a “buy” rating to a “neutral” rating and dropped their price target for the company from $22.00 to $21.00 in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Summit Materials currently has an average rating of “Buy” and a consensus target price of $23.43.
In other Summit Materials news, insider Thomas W. Hill sold 183,581 shares of the business’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $20.74, for a total transaction of $3,807,469.94. Following the sale, the insider now owns 10,150 shares of the company’s stock, valued at approximately $210,511. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas W. Hill sold 10,000 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $17.87, for a total transaction of $178,700.00. Following the sale, the insider now directly owns 10,150 shares in the company, valued at approximately $181,380.50. The disclosure for this sale can be found here. 4.49% of the stock is currently owned by corporate insiders.
About Summit Materials
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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