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

Summit Materials, Inc. (NYSE:SUM) shares saw an uptick in trading volume on Tuesday . 9,108,680 shares changed 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.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SUM shares. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Barclays upgraded shares of Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Truist Financial reiterated a “hold” rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital restated a “hold” rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, DA Davidson lifted their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Trading Up 1.9 %

The business has a 50 day simple moving average of $49.99 and a 200-day simple moving average of $42.59. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 63.48 and a beta of 1.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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 the consensus estimate of $0.70 by $0.05. The business 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%. Summit Materials’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 EPS. As a group, equities analysts expect that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

Hedge funds and other institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC acquired a new stake in shares of Summit Materials in the third 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 increased its position in shares of 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 purchasing an additional 353 shares during the last quarter. Toth Financial Advisory Corp raised its stake in shares of Summit Materials by 147.1% during 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. Finally, International Assets Investment Management LLC boosted its holdings 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 valued at $37,000 after buying an additional 913 shares during the last quarter.

Summit Materials Company Profile

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.