Summit Materials (NYSE:SUM) Sees Large Volume Increase – What’s Next?

Summit Materials, Inc. (NYSE:SUM) shares saw strong trading volume on Monday . 3,011,534 shares changed hands during mid-day trading, an increase of 175% from the previous session’s volume of 1,097,049 shares.The stock last traded at $50.78 and had previously closed at $51.66.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Monday. Morgan Stanley started coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price objective for the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday. Finally, Truist Financial boosted their price objective on Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.00.

Summit Materials Stock Performance

The stock has a market cap of $8.92 billion, a P/E ratio of 62.01 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company’s 50-day simple moving average is $43.04 and its 200 day simple moving average is $39.97.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s revenue was up 49.9% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. As a group, sell-side analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the company. Johnson Investment Counsel Inc. boosted its stake in Summit Materials by 5.8% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock worth $218,000 after purchasing an additional 327 shares during the period. Assetmark Inc. boosted its position in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co grew its stake in Summit Materials by 1.0% during the second quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after acquiring an additional 412 shares in the last quarter. Xponance Inc. increased its holdings in Summit Materials by 6.2% during the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after acquiring an additional 448 shares during the period. Finally, Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.