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 Summit Materials stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $50.78 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.38 and a 12 month high of $53.49. The stock has a 50 day moving average of $46.73 and a 200-day moving average of $41.09. The company has a market capitalization of $8.92 billion, a P/E ratio of 61.93 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its quarterly 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 business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. As a group, equities research analysts predict that Summit Materials, Inc. will post 1.66 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SUM. Loop Capital reissued a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reissued a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial reissued a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, StockNews.com began coverage on Summit Materials in a research report on Friday. They set a “sell” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.81.

Institutional Trading of Summit Materials

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the period. Ausbil Investment Management Ltd boosted its stake in Summit Materials by 355.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Summit Materials by 3.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock valued at $11,230,000 after purchasing an additional 10,463 shares during the period. Thrivent Financial for Lutherans boosted its stake in Summit Materials by 3.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after purchasing an additional 27,225 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the period.

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.