Legal & General Group Plc Trims Position in Summit Materials Inc (SUM)

Legal & General Group Plc decreased its position in shares of Summit Materials Inc (NYSE:SUM) by 14.3% in the second quarter, Holdings Channel reports. The firm owned 39,218 shares of the construction company’s stock after selling 6,564 shares during the period. Legal & General Group Plc’s holdings in Summit Materials were worth $1,029,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its position in Summit Materials by 6.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 689,894 shares of the construction company’s stock valued at $18,110,000 after purchasing an additional 41,526 shares during the last quarter. Amalgamated Bank boosted its position in Summit Materials by 15.8% during the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock valued at $449,000 after purchasing an additional 2,333 shares during the last quarter. BlackRock Inc. boosted its position in Summit Materials by 8.8% during the second quarter. BlackRock Inc. now owns 7,560,142 shares of the construction company’s stock valued at $198,453,000 after purchasing an additional 612,601 shares during the last quarter. Janus Henderson Group PLC boosted its position in Summit Materials by 17.4% during the second quarter. Janus Henderson Group PLC now owns 5,862,146 shares of the construction company’s stock valued at $153,881,000 after purchasing an additional 869,353 shares during the last quarter. Finally, Swiss National Bank boosted its position in Summit Materials by 2.0% during the second quarter. Swiss National Bank now owns 193,959 shares of the construction company’s stock valued at $5,091,000 after purchasing an additional 3,800 shares during the last quarter.

NYSE SUM opened at $16.93 on Monday. Summit Materials Inc has a fifty-two week low of $16.70 and a fifty-two week high of $34.06. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 1.77 and a beta of 1.52.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.24). Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The company had revenue of $549.24 million for the quarter, compared to the consensus estimate of $546.76 million. During the same quarter last year, the business earned $0.47 earnings per share. Summit Materials’s quarterly revenue was up 14.8% on a year-over-year basis. Analysts anticipate that Summit Materials Inc will post 0.98 earnings per share for the current fiscal year.

A number of research firms recently issued reports on SUM. TheStreet cut Summit Materials from a “b” rating to a “c+” rating in a research report on Thursday, June 21st. ValuEngine cut Summit Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Stifel Nicolaus reduced their price objective on Summit Materials from $38.00 to $34.00 and set a “buy” rating for the company in a research report on Friday, August 3rd. Royal Bank of Canada reduced their price objective on Summit Materials to $27.00 and set an “outperform” rating for the company in a research report on Thursday, August 2nd. Finally, Barclays cut their target price on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $30.41.

In other Summit Materials news, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Thursday, July 19th. The stock was sold at an average price of $26.10, for a total transaction of $326,250.00. Following the transaction, the chief executive officer now directly owns 110,602 shares in the company, valued at $2,886,712.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Karl Watson bought 35,500 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were bought at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the acquisition, the chief operating officer now owns 23,700 shares of the company’s stock, valued at $501,255. The disclosure for this purchase can be found here. 1.50% of the stock is owned by company 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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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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