Icon Advisers Inc. Co. purchased a new position in Summit Materials Inc. (NYSE:SUM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 226,000 shares of the company’s stock, valued at approximately $4,192,000. Icon Advisers Inc. Co. owned about 0.30% of Summit Materials at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Materials during the second quarter worth $40,920,000. Linscomb & Williams Inc. raised its position in shares of Summit Materials by 932.0% in the second quarter. Linscomb & Williams Inc. now owns 1,571,150 shares of the company’s stock worth $32,146,000 after buying an additional 1,418,900 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Summit Materials by 251.1% in the second quarter. Point72 Asset Management L.P. now owns 1,524,700 shares of the company’s stock worth $31,195,000 after buying an additional 1,090,400 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Summit Materials during the second quarter worth $22,039,000. Finally, Vanguard Group Inc. raised its position in shares of Summit Materials by 30.5% in the second quarter. Vanguard Group Inc. now owns 4,387,266 shares of the company’s stock worth $89,763,000 after buying an additional 1,024,661 shares in the last quarter. 91.75% of the stock is currently owned by institutional investors.
Summit Materials Inc. (NYSE:SUM) traded up 0.12% on Friday, reaching $24.46. The company’s stock had a trading volume of 239,902 shares. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 39.14 and a beta of 2.00. Summit Materials Inc. has a 1-year low of $13.12 and a 1-year high of $24.81. The stock has a 50 day moving average price of $20.58 and a 200-day moving average price of $20.48.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.73 earnings per share for the quarter, hitting the consensus estimate of $0.73. Summit Materials had a net margin of 3.99% and a return on equity of 17.05%. The firm had revenue of $529.40 million for the quarter, compared to analysts’ expectations of $483.19 million. During the same period in the previous year, the company posted $0.72 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. Equities analysts predict that Summit Materials Inc. will post $1.12 earnings per share for the current fiscal year.
Several brokerages recently weighed in on SUM. Royal Bank Of Canada increased their target price on Summit Materials from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Thursday, November 3rd. DA Davidson reaffirmed a “buy” rating and issued a $27.00 target price on shares of Summit Materials in a research report on Sunday, October 9th. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday, October 7th. Goldman Sachs Group Inc. lowered Summit Materials from a “buy” rating to a “neutral” rating and cut their target price for the stock from $22.00 to $21.00 in a research report on Tuesday, October 11th. Finally, Citigroup Inc. increased their target price on Summit Materials from $25.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Summit Materials currently has an average rating of “Buy” and an average price target of $24.13.
In other news, CEO Thomas W. Hill sold 17,700 shares of the business’s stock in a transaction on Tuesday, October 25th. The shares were sold at an average price of $19.23, for a total transaction of $340,371.00. Following the transaction, the chief executive officer now directly owns 10,150 shares in the company, valued at approximately $195,184.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Holdings L.P. Blackstone II sold 16,451,722 shares of the business’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $21.87, for a total transaction of $359,799,160.14. The disclosure for this sale can be found here. Company insiders own 4.49% of the company’s stock.
Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.