Impala Asset Management LLC reduced its position in shares of Summit Materials Inc (NYSE:SUM) by 35.4% during the fourth quarter, HoldingsChannel reports. The firm owned 1,229,598 shares of the construction company’s stock after selling 674,427 shares during the quarter. Summit Materials comprises about 1.4% of Impala Asset Management LLC’s holdings, making the stock its 21st largest holding. Impala Asset Management LLC’s holdings in Summit Materials were worth $38,659,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can lifted its position in shares of Summit Materials by 310.5% during the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after purchasing an additional 2,515 shares in the last quarter. First Manhattan Co. acquired a new position in shares of Summit Materials during the third quarter worth $160,000. Cubist Systematic Strategies LLC acquired a new position in shares of Summit Materials during the third quarter worth $180,000. Daiwa Securities Group Inc. acquired a new position in shares of Summit Materials during the third quarter worth $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Summit Materials by 39.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after purchasing an additional 1,985 shares in the last quarter.
Shares of Summit Materials Inc (SUM) opened at $31.63 on Thursday. The stock has a market cap of $3,508.50, a price-to-earnings ratio of 27.40, a P/E/G ratio of 2.05 and a beta of 1.81. The company has a quick ratio of 2.40, a current ratio of 3.13 and a debt-to-equity ratio of 1.42. Summit Materials Inc has a twelve month low of $22.19 and a twelve month high of $34.06.
In other Summit Materials news, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $31.04, for a total transaction of $195,552.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Raymond Murphy sold 5,000 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $32.62, for a total transaction of $163,100.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 196,575 shares of company stock valued at $6,170,840. 1.97% of the stock is owned by insiders.
A number of research analysts have recently commented on SUM shares. Goldman Sachs Group raised shares of Summit Materials from a “neutral” rating to a “buy” rating in a research report on Monday. Royal Bank of Canada set a $37.00 price target on shares of Summit Materials and gave the company a “buy” rating in a report on Thursday, February 15th. Deutsche Bank upped their price target on shares of Summit Materials from $35.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.50 price target on shares of Summit Materials in a report on Wednesday, November 8th. Finally, Citigroup upped their price target on shares of Summit Materials from $37.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $33.28.
ILLEGAL ACTIVITY WARNING: “Impala Asset Management LLC Sells 674,427 Shares of Summit Materials Inc (SUM)” was reported by Ticker Report and is the property of of Ticker Report. If you are reading this story on another website, it was illegally copied and reposted in violation of international trademark and copyright laws. The correct version of this story can be viewed at https://www.tickerreport.com/banking-finance/3230161/impala-asset-management-llc-sells-674427-shares-of-summit-materials-inc-sum.html.
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.
Want to see what other hedge funds are holding SUM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Materials Inc (NYSE:SUM).
Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.