Summit Materials, Inc. (SUM) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 5.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,184,821 shares of the construction company’s stock after selling 70,937 shares during the quarter. JPMorgan Chase & Co. owned 1.10% of Summit Materials worth $34,206,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. State of Tennessee Treasury Department boosted its stake in shares of Summit Materials by 28.4% during the 2nd quarter. State of Tennessee Treasury Department now owns 128,432 shares of the construction company’s stock worth $3,708,000 after acquiring an additional 28,432 shares in the last quarter. Artemis Investment Management LLP boosted its stake in shares of Summit Materials by 1.1% during the 2nd quarter. Artemis Investment Management LLP now owns 379,454 shares of the construction company’s stock worth $10,953,000 after acquiring an additional 4,066 shares in the last quarter. Swiss National Bank boosted its stake in shares of Summit Materials by 1.7% during the 2nd quarter. Swiss National Bank now owns 177,396 shares of the construction company’s stock worth $5,121,000 after acquiring an additional 3,000 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Summit Materials by 52.6% during the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 12,616 shares of the construction company’s stock worth $364,000 after acquiring an additional 4,349 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Summit Materials by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares in the last quarter.

Shares of Summit Materials, Inc. (NYSE SUM) opened at 29.42 on Friday. Summit Materials, Inc. has a 1-year low of $17.99 and a 1-year high of $30.45. The company has a 50-day moving average price of $29.70 and a 200-day moving average price of $27.35. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 65.38 and a beta of 2.05.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period in the prior year, the business posted $0.46 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Summit Materials, Inc. will post $1.19 earnings per share for the current fiscal year.

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Several equities research analysts have recently commented on SUM shares. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus reissued a “buy” rating and set a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. Royal Bank Of Canada reissued a “buy” rating and set a $33.00 price target on shares of Summit Materials in a research note on Monday, June 19th. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Longbow Research started coverage on Summit Materials in a research note on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $30.43.

In related news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $29.22, for a total value of $365,250.00. Following the completion of the transaction, the insider now owns 20,610 shares of the company’s stock, valued at approximately $602,224.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Damian John Murphy sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,398 shares of the company’s stock, valued at approximately $3,200,842.68. The disclosure for this sale can be found here. Insiders sold a total of 604,379 shares of company stock valued at $17,784,965 in the last ninety days. Company insiders own 1.97% of the company’s stock.

About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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