Principal Financial Group Inc. Sells 1,455 Shares of Summit Materials, Inc. (SUM)

Principal Financial Group Inc. lessened its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,913 shares of the construction company’s stock after selling 1,455 shares during the period. Principal Financial Group Inc.’s holdings in Summit Materials were worth $575,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the company. Teacher Retirement System of Texas lifted its holdings in shares of 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 purchasing an additional 64 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of 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 purchasing an additional 360 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of 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 purchasing an additional 510 shares during the period. Princeton Capital Management Inc. lifted its holdings in shares of Summit Materials by 2.4% during the second quarter. Princeton Capital Management Inc. now owns 34,915 shares of the construction company’s stock worth $1,008,000 after purchasing an additional 815 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Summit Materials by 27.8% during the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,589 shares during the period.

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In related news, insider Anne Lee Benedict sold 21,147 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $29.27, for a total value of $618,972.69. Following the completion of the transaction, the insider now directly owns 20,448 shares in the company, valued at approximately $598,512.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $28.74, for a total transaction of $181,062.00. Following the completion of the transaction, the chief executive officer now owns 20,610 shares of the company’s stock, valued at $592,331.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 622,733 shares of company stock valued at $18,406,421. 1.97% of the stock is owned by company insiders.

A number of equities analysts have recently commented on SUM shares. Stifel Nicolaus reiterated a “buy” rating and set a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub raised shares of Summit Materials from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $33.00 target price on shares of Summit Materials in a research note on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.20.

Shares of Summit Materials, Inc. (NYSE SUM) opened at 31.73 on Friday. Summit Materials, Inc. has a 1-year low of $18.05 and a 1-year high of $32.69. The firm has a 50-day moving average of $31.18 and a 200 day moving average of $31.18. The company has a market capitalization of $3.41 billion, a P/E ratio of 70.51 and a beta of 2.08.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.09). The business had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, equities research analysts expect that Summit Materials, Inc. will post $1.19 earnings per share for the current year.

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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