NJ State Employees Deferred Compensation Plan Sells 12,000 Shares of Summit Materials Inc (SUM)

NJ State Employees Deferred Compensation Plan lessened its stake in shares of Summit Materials Inc (NYSE:SUM) by 30.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 28,000 shares of the construction company’s stock after selling 12,000 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in Summit Materials were worth $444,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in shares of Summit Materials by 9.4% in the first quarter. Janus Henderson Group PLC now owns 9,100,897 shares of the construction company’s stock worth $144,431,000 after acquiring an additional 783,008 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Summit Materials by 63.8% in the first quarter. SG Americas Securities LLC now owns 81,044 shares of the construction company’s stock worth $1,286,000 after acquiring an additional 31,578 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Summit Materials by 691.4% in the first quarter. BNP Paribas Arbitrage SA now owns 25,918 shares of the construction company’s stock worth $411,000 after acquiring an additional 22,643 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its stake in shares of Summit Materials by 27.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 6,516 shares of the construction company’s stock worth $103,000 after acquiring an additional 1,388 shares during the last quarter. Finally, Foundry Partners LLC boosted its stake in shares of Summit Materials by 15.9% in the first quarter. Foundry Partners LLC now owns 106,668 shares of the construction company’s stock worth $1,693,000 after acquiring an additional 14,606 shares during the last quarter.

In related news, CEO Thomas W. Hill acquired 31,250 shares of Summit Materials stock in a transaction that occurred on Friday, February 15th. The shares were purchased at an average price of $16.25 per share, for a total transaction of $507,812.50. Following the completion of the transaction, the chief executive officer now owns 135,652 shares in the company, valued at approximately $2,204,345. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.76% of the company’s stock.

Shares of Summit Materials stock opened at $17.28 on Friday. Summit Materials Inc has a one year low of $11.25 and a one year high of $31.36. The company has a market cap of $3.43 billion, a P/E ratio of 115.20, a P/E/G ratio of 2.00 and a beta of 1.92. The company has a current ratio of 2.27, a quick ratio of 1.45 and a debt-to-equity ratio of 1.35.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data 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). Summit Materials had a return on equity of 1.34% and a net margin of 1.68%. The company had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $459.58 million. During the same quarter in the previous year, the business posted $0.43 EPS. The business’s quarterly revenue was up .2% compared to the same quarter last year. On average, research analysts predict that Summit Materials Inc will post 0.8 earnings per share for the current year.

A number of analysts have recently issued reports on the company. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Scotiabank reaffirmed a “hold” rating on shares of Summit Materials in a research note on Thursday, February 14th. Berenberg Bank initiated coverage on Summit Materials in a research report on Wednesday, April 3rd. They set a “hold” rating and a $18.00 price objective on the stock. JPMorgan Chase & Co. initiated coverage on Summit Materials in a research report on Thursday, March 21st. They set a “neutral” rating and a $19.00 price objective on the stock. Finally, Citigroup reduced their price objective on Summit Materials from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, January 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $21.82.

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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.

See Also: Producer Price Index (PPI)

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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