Fmr LLC decreased its holdings in Summit Materials Inc (NYSE:SUM) by 16.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,684,790 shares of the construction company’s stock after selling 546,537 shares during the quarter. Fmr LLC owned approximately 2.40% of Summit Materials worth $33,291,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Penn Capital Management Co. Inc. grew its position in Summit Materials by 85.8% in the 4th quarter. Penn Capital Management Co. Inc. now owns 718,410 shares of the construction company’s stock worth $9,451,000 after purchasing an additional 331,677 shares in the last quarter. Amalgamated Bank bought a new stake in Summit Materials in the 4th quarter worth about $202,000. Public Employees Retirement System of Ohio grew its position in Summit Materials by 49.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 92,476 shares of the construction company’s stock worth $1,147,000 after purchasing an additional 30,503 shares in the last quarter. HRT Financial LLC bought a new position in shares of Summit Materials during the 4th quarter valued at approximately $143,000. Finally, Legal & General Group Plc grew its position in shares of Summit Materials by 24.7% during the 4th quarter. Legal & General Group Plc now owns 48,907 shares of the construction company’s stock valued at $606,000 after acquiring an additional 9,689 shares during the period.
SUM has been the subject of a number of research reports. Scotiabank reissued a “hold” rating on shares of Summit Materials in a research report on Thursday, February 14th. Zacks Investment Research raised shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Wednesday, March 20th. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research report on Thursday, March 21st. They set a “neutral” rating and a $19.00 target price for the company. Berenberg Bank initiated coverage on shares of Summit Materials in a research report on Wednesday, April 3rd. They set a “hold” rating and a $18.00 target price for the company. Finally, Citigroup reduced their target price on shares of Summit Materials from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $21.82.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, February 6th. The construction company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.20). The business had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $459.58 million. Summit Materials had a net margin of 1.68% and a return on equity of 1.34%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 earnings per share. As a group, research analysts forecast that Summit Materials Inc will post 0.81 EPS for the current year.
In other Summit Materials news, CEO Thomas W. Hill purchased 31,250 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The shares were bought at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the purchase, the chief executive officer now owns 135,652 shares of the company’s stock, valued at approximately $2,204,345. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.
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Summit Materials Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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