Summit Materials, Inc. (SUM) Stake Decreased by Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP decreased its holdings in Summit Materials, Inc. (NYSE:SUM) by 54.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 500,000 shares of the construction company’s stock after selling 600,000 shares during the quarter. Davidson Kempner Capital Management LP owned about 0.46% of Summit Materials worth $16,015,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Summit Materials by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares during the last quarter. First Manhattan Co. purchased a new position in Summit Materials in the 3rd quarter worth $160,000. Cubist Systematic Strategies LLC purchased a new position in Summit Materials in the 3rd quarter worth $180,000. Daiwa Securities Group Inc. purchased a new position in Summit Materials in the 3rd quarter worth $202,000. Finally, Venturi Wealth Management LLC raised its stake in Summit Materials by 4.4% in the 2nd quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after acquiring an additional 360 shares during the last quarter.

SUM has been the subject of a number of research analyst reports. Royal Bank Of Canada restated a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America raised their target price on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. SunTrust Banks set a $38.00 target price on Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, Canaccord Genuity restated a “buy” rating and issued a $12.50 target price on shares of Summit Materials in a research note on Wednesday, November 8th. Two 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 company’s stock. The stock has an average rating of “Hold” and an average target price of $31.42.

In other Summit Materials news, insider Douglas Charles Rauh sold 26,324 shares of Summit Materials stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total transaction of $825,520.64. Following the completion of the transaction, the insider now owns 18,724 shares in the company, valued at approximately $587,184.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $31.56, for a total value of $394,500.00. Following the transaction, the insider now owns 164,310 shares of the company’s stock, valued at approximately $5,185,623.60. The disclosure for this sale can be found here. Insiders have sold a total of 119,678 shares of company stock valued at $3,697,101 in the last quarter. Company insiders own 1.97% of the company’s stock.

Summit Materials, Inc. (NYSE:SUM) traded up $1.00 during midday trading on Monday, hitting $32.43. The company’s stock had a trading volume of 1,568,000 shares, compared to its average volume of 1,454,672. The stock has a market cap of $3,566.96, a price-to-earnings ratio of 35.74, a P/E/G ratio of 3.06 and a beta of 1.97. Summit Materials, Inc. has a twelve month low of $22.19 and a twelve month high of $32.69. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The company had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.73 EPS. sell-side analysts expect that Summit Materials, Inc. will post 1.01 earnings per share for the current year.

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About Summit Materials

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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