Summit Materials (NYSE:SUM) Sees Unusually-High Trading Volume – What’s Next?

Summit Materials, Inc. (NYSE:SUM) saw an uptick in trading volume on Tuesday . 9,108,680 shares traded hands during mid-day trading, an increase of 91% from the previous session’s volume of 4,768,208 shares.The stock last traded at $52.04 and had previously closed at $51.10.

Analysts Set New Price Targets

Several research firms have weighed in on SUM. Citigroup reiterated a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com began coverage on Summit Materials in a research note on Monday. They issued a “sell” rating for the company. Truist Financial reaffirmed a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The firm has a 50 day moving average price of $50.23 and a two-hundred day moving average price of $42.78. The company has a market capitalization of $9.14 billion, a P/E ratio of 63.48 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the business earned $0.81 earnings per share. The business’s revenue was up 49.9% on a year-over-year basis. On average, research analysts expect that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Summit Materials during the 3rd quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Summit Materials in the third quarter valued at approximately $28,000. Versant Capital Management Inc grew its holdings in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after acquiring an additional 353 shares during the period. Toth Financial Advisory Corp lifted its stake in shares of Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after purchasing an additional 500 shares during the period. Finally, International Assets Investment Management LLC boosted its position in shares of Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the last quarter.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.