GSA Capital Partners LLP bought a new stake in shares of Summit Materials Inc (NYSE:SUM) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,044 shares of the construction company’s stock, valued at approximately $244,000.
Several other large investors also recently made changes to their positions in the stock. Hsbc Holdings PLC purchased a new position in shares of Summit Materials during the first quarter valued at approximately $666,000. BNP Paribas Arbitrage SA boosted its position in shares of Summit Materials by 38.0% during the first quarter. BNP Paribas Arbitrage SA now owns 32,223 shares of the construction company’s stock valued at $976,000 after buying an additional 8,872 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Summit Materials by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,733,452 shares of the construction company’s stock valued at $52,489,000 after buying an additional 229,748 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Summit Materials by 5.2% during the first quarter. JPMorgan Chase & Co. now owns 1,163,770 shares of the construction company’s stock valued at $35,238,000 after buying an additional 57,050 shares during the last quarter. Finally, Messner & Smith Theme Value Investment Management Ltd. CA boosted its position in shares of Summit Materials by 8.3% during the first quarter. Messner & Smith Theme Value Investment Management Ltd. CA now owns 69,383 shares of the construction company’s stock valued at $2,101,000 after buying an additional 5,339 shares during the last quarter.
SUM has been the topic of several analyst reports. TheStreet raised Summit Materials from a “c” rating to a “b” rating in a research report on Monday, March 19th. SunTrust Banks cut their target price on Summit Materials from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, May 30th. ValuEngine cut Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Thursday, May 10th. Finally, Jefferies Financial Group started coverage on Summit Materials in a report on Tuesday, April 17th. They set a “buy” rating and a $36.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $33.15.
Shares of Summit Materials opened at $26.25 on Friday, MarketBeat.com reports. The firm has a market cap of $2.83 billion, a P/E ratio of 28.23, a price-to-earnings-growth ratio of 1.64 and a beta of 1.71. Summit Materials Inc has a 12 month low of $24.49 and a 12 month high of $34.06. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.37 and a current ratio of 2.17.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Tuesday, May 8th. The construction company reported ($0.55) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.59) by $0.04. The business had revenue of $289.92 million for the quarter, compared to analyst estimates of $297.51 million. Summit Materials had a return on equity of 10.20% and a net margin of 6.03%. Summit Materials’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the company posted ($0.49) earnings per share. research analysts anticipate that Summit Materials Inc will post 1.48 EPS for the current year.
In related news, CEO Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Friday, April 27th. The stock was sold at an average price of $28.56, for a total transaction of $357,000.00. Following the sale, the chief executive officer now directly owns 110,602 shares in the company, valued at $3,158,793.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 75,000 shares of company stock worth $2,142,750 over the last quarter. 1.50% of the stock is currently owned by corporate insiders.
About Summit Materials
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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