Russell Investments Group Ltd. lessened its position in shares of Summit Materials Inc (NYSE:SUM) by 62.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 383,429 shares of the construction company’s stock after selling 636,823 shares during the period. Russell Investments Group Ltd. owned 0.34% of Summit Materials worth $6,971,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in SUM. Bank of Montreal Can grew its holdings in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after purchasing an additional 2,025 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after purchasing an additional 7,420 shares during the period. Sheets Smith Wealth Management acquired a new stake in Summit Materials in the third quarter worth $230,000. Quantitative Systematic Strategies LLC acquired a new stake in Summit Materials in the second quarter worth $312,000. Finally, Amalgamated Bank grew its holdings in Summit Materials by 15.8% in the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock worth $449,000 after purchasing an additional 2,333 shares during the period.
In other news, CFO Brian James Harris purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 8th. The shares were acquired at an average cost of $14.12 per share, for a total transaction of $70,600.00. Following the completion of the acquisition, the chief financial officer now owns 72,584 shares in the company, valued at $1,024,886.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas A. Beck purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 19th. The shares were purchased at an average price of $13.97 per share, for a total transaction of $139,700.00. The disclosure for this purchase can be found here. 1.50% of the stock is owned by company insiders.
Shares of NYSE SUM opened at $13.40 on Thursday. The stock has a market cap of $1.62 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 3.19 and a beta of 1.81. Summit Materials Inc has a 1 year low of $11.67 and a 1 year high of $34.06. The company has a quick ratio of 1.50, a current ratio of 2.30 and a debt-to-equity ratio of 1.33.
Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.21). The business had revenue of $625.00 million for the quarter, compared to analyst estimates of $638.93 million. Summit Materials had a net margin of 4.64% and a return on equity of 6.74%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.73 earnings per share. As a group, research analysts anticipate that Summit Materials Inc will post 0.43 EPS for the current fiscal year.
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Summit Materials Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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