Summit Materials, Inc. (NYSE:SUM) Insider Sells $78,197.76 in Stock

Summit Materials, Inc. (NYSE:SUM) insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Summit Materials Stock Down 0.1 %

Shares of Summit Materials stock opened at $50.78 on Friday. Summit Materials, Inc. has a one year low of $34.38 and a one year high of $53.49. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The stock’s 50-day moving average is $46.73 and its 200 day moving average is $41.09. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of 61.93 and a beta of 1.14.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the company earned $0.81 EPS. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. Equities research analysts anticipate that Summit Materials, Inc. will post 1.66 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SUM shares. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $45.00 to $52.00 in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. reaffirmed 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, November 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.81.

Institutional Investors Weigh In On Summit Materials

Several institutional investors and hedge funds have recently made changes to their positions in SUM. Raymond James & Associates boosted its position in shares of Summit Materials by 67.6% during the 2nd quarter. Raymond James & Associates now owns 269,232 shares of the construction company’s stock valued at $9,857,000 after purchasing an additional 108,620 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Summit Materials by 501.5% in the second quarter. Fifth Third Bancorp now owns 8,554 shares of the construction company’s stock worth $313,000 after acquiring an additional 7,132 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Summit Materials by 3.1% in the second quarter. Bank of New York Mellon Corp now owns 810,497 shares of the construction company’s stock worth $29,672,000 after acquiring an additional 24,146 shares in the last quarter. Amica Mutual Insurance Co. boosted its holdings in Summit Materials by 10.4% in the second quarter. Amica Mutual Insurance Co. now owns 40,800 shares of the construction company’s stock worth $1,494,000 after acquiring an additional 3,846 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Summit Materials in the second quarter worth approximately $5,555,000.

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.