Todays Report: The Insider Selling: Summit Materials Inc. (SUM) CEO Sold $288,900.00 in Stock

The Insider Selling: Summit Materials Inc. (SUM) CEO Sold $288,900.00 in Stock

Summit Materials Inc. (NYSE:SUM) CEO Thomas W. Hill sold 15,000 shares of the firm’s stock in a transaction dated Monday, October 24th. The shares were sold at an average price of $19.26, for a total value of $288,900.00. Following the sale, the chief executive officer now owns 10,150 shares in the company, valued at approximately $195,489. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Shares of Summit Materials Inc. (NYSE:SUM) opened at 18.65 on Monday. The company has a 50 day moving average price of $18.72 and a 200 day moving average price of $20.31. Summit Materials Inc. has a 1-year low of $13.12 and a 1-year high of $24.97. The company has a market capitalization of $1.41 billion, a PE ratio of 56.01 and a beta of 2.07.

Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 3rd. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.47 by $0.01. The firm earned $412.60 million during the quarter, compared to the consensus estimate of $417.14 million. Summit Materials had a return on equity of 11.60% and a net margin of 2.02%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) EPS. Equities analysts predict that Summit Materials Inc. will post $1.19 EPS for the current fiscal year.

A number of equities research analysts have weighed in on SUM shares. Citigroup Inc. raised their price target on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, October 6th. DA Davidson reaffirmed a “buy” rating and set a $27.00 price objective on shares of Summit Materials in a research note on Wednesday, August 31st. Finally, Goldman Sachs Group Inc. cut Summit Materials from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $22.00 to $21.00 in a research note on Tuesday, October 11th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Summit Materials presently has an average rating of “Buy” and a consensus price target of $23.43.

A number of hedge funds have recently made changes to their positions in the company. Stoneridge Investment Partners LLC boosted its stake in shares of Summit Materials by 36.0% in the third quarter. Stoneridge Investment Partners LLC now owns 49,626 shares of the company’s stock valued at $921,000 after buying an additional 13,126 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Summit Materials by 66.1% in the third quarter. Great West Life Assurance Co. Can now owns 8,695 shares of the company’s stock valued at $161,000 after buying an additional 3,461 shares during the last quarter. New Jersey Better Educational Savings Trust bought a new stake in shares of Summit Materials during the third quarter valued at approximately $501,000. State of New Jersey Common Pension Fund D boosted its stake in shares of Summit Materials by 31.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 625,600 shares of the company’s stock valued at $11,605,000 after buying an additional 150,000 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its stake in shares of Summit Materials by 20.8% in the third quarter. Nationwide Fund Advisors now owns 49,995 shares of the company’s stock valued at $927,000 after buying an additional 8,598 shares during the last quarter. Institutional investors and hedge funds own 87.74% of the company’s stock.

Summit Materials Company Profile

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