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

Summit Materials, Inc. (NYSE:SUM) saw unusually-strong trading volume on Monday . Approximately 1,042,295 shares changed hands during mid-day trading, a decline of 25% from the previous session’s volume of 1,383,863 shares.The stock last traded at $50.79 and had previously closed at $50.78.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the company from $58.00 to $52.50 in a report on Monday. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup restated a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com initiated coverage on shares of Summit Materials in a research note on Friday, December 13th. They set a “sell” rating on the stock. Finally, DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.1 %

The stock has a market capitalization of $8.92 billion, a P/E ratio of 61.94 and a beta of 1.14. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $47.29 and its 200 day simple moving average is $41.29.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue 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 fiscal year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated 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 in the company, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in shares of Summit Materials during the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials in the third quarter valued at about $28,000. Toth Financial Advisory Corp lifted its position in Summit Materials by 147.1% during the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares during the period. International Assets Investment Management LLC lifted its position in Summit Materials by 3,804.2% during the third 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 period. Finally, Quest Partners LLC bought a new position in Summit Materials in the 2nd quarter valued at about $40,000.

Summit Materials Company Profile

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.