Trade Report: The Palisade Capital Management LLC NJ Acquires 149,590 Shares of Summit Materials Inc. (SUM)

The Palisade Capital Management LLC NJ Acquires 149,590  Shares of Summit Materials Inc. (SUM)

Palisade Capital Management LLC NJ purchased a new position in shares of Summit Materials Inc. (NYSE:SUM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 149,590 shares of the company’s stock, valued at approximately $3,061,000.

Other large investors also recently bought and sold shares of the company. Eagle Asset Management Inc. boosted its position in Summit Materials by 378.0% in the second quarter. Eagle Asset Management Inc. now owns 1,134,555 shares of the company’s stock worth $23,212,000 after buying an additional 897,176 shares in the last quarter. Artemis Investment Management LLP purchased a new position in Summit Materials during the second quarter worth approximately $14,581,000. Caledonia Private Investments Pty Ltd purchased a new position in Summit Materials during the first quarter worth approximately $11,560,000. Kennedy Capital Management Inc. purchased a new position in Summit Materials during the first quarter worth approximately $6,779,000. Finally, UBS Asset Management Americas Inc. boosted its position in Summit Materials by 1,132.1% in the first quarter. UBS Asset Management Americas Inc. now owns 302,637 shares of the company’s stock worth $5,887,000 after buying an additional 278,075 shares during the period. Institutional investors and hedge funds own 87.74% of the company’s stock.

Shares of Summit Materials Inc. (NYSE:SUM) traded up 1.97% during mid-day trading on Friday, hitting $18.65. The stock had a trading volume of 955,808 shares. The stock has a market cap of $1.41 billion, a P/E ratio of 56.01 and a beta of 2.07. The company’s 50 day moving average price is $18.72 and its 200 day moving average price is $20.31. Summit Materials Inc. has a 12-month low of $13.12 and a 12-month high of $24.97.

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

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

In other news, insider Douglas Charles Rauh sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $19.32, for a total transaction of $966,000.00. Following the completion of the transaction, the insider now directly owns 53,552 shares of the company’s stock, valued at approximately $1,034,624.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas W. Hill sold 17,700 shares of the firm’s stock in a transaction that occurred on Tuesday, October 25th. The stock was 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 of the company’s stock, valued at $195,184.50. The disclosure for this sale can be found here. 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.

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