Banbury Partners LLC bought a new position in Summit Materials, Inc. (NYSE:SUM) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 874,973 shares of the construction company’s stock, valued at approximately $28,025,000. Summit Materials accounts for approximately 6.9% of Banbury Partners LLC’s portfolio, making the stock its 9th largest position. Banbury Partners LLC owned about 0.81% of Summit Materials at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew 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 period. First Manhattan Co. acquired a new position in shares of Summit Materials in the 3rd quarter valued at $160,000. Daiwa Securities Group Inc. acquired a new position in shares of Summit Materials in the 3rd quarter valued at $202,000. ARP Americas LLC acquired a new position in shares of Summit Materials in the 2nd quarter valued at $211,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Summit Materials by 4.4% in the 2nd quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock valued at $247,000 after purchasing an additional 360 shares during the last quarter.
Summit Materials, Inc. (NYSE:SUM) traded down $0.59 during trading hours on Thursday, hitting $30.64. 615,600 shares of the company traded hands, compared to its average volume of 1,454,306. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01. The firm has a market cap of $3,280.00 and a price-to-earnings ratio of 33.95. Summit Materials, Inc. has a 1-year low of $22.19 and a 1-year high of $32.69.
Summit Materials (NYSE:SUM) last posted its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by ($0.10). The business had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.73 EPS. equities research analysts forecast that Summit Materials, Inc. will post 1.02 EPS for the current year.
SUM has been the topic of a number of research analyst reports. Royal Bank Of Canada reiterated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Bank of America lifted their price target on shares of Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. SunTrust Banks set a $38.00 price target on shares of Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 24th. Zacks Investment Research lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $12.50 price target on shares of Summit Materials in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $31.42.
In related news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $32.12, for a total transaction of $401,500.00. Following the transaction, the insider now owns 139,310 shares in the company, valued at approximately $4,474,637.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas A. Beck sold 18,354 shares of Summit Materials stock in a transaction on Friday, September 15th. The shares were sold at an average price of $29.31, for a total transaction of $537,955.74. The disclosure for this sale can be found here. Insiders have sold a total of 207,178 shares of company stock worth $6,377,601 in the last 90 days. Company insiders own 1.97% of the company’s stock.
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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.
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