Summit Materials (NYSE:SUM) Sees Large Volume Increase

Summit Materials Inc (NYSE:SUM) shares saw unusually-strong trading volume on Thursday . Approximately 3,932,987 shares traded hands during trading, an increase of 120% from the previous session’s volume of 1,787,267 shares.The stock last traded at $18.50 and had previously closed at $17.33.

A number of equities research analysts recently issued reports on SUM shares. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Wednesday, March 20th. Barclays set a $18.00 target price on shares of Summit Materials and gave the stock a “hold” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. started coverage on shares of Summit Materials in a research report on Thursday, March 21st. They set a “neutral” rating and a $19.00 target price for the company. Finally, Berenberg Bank started coverage on shares of Summit Materials in a research report on Wednesday, April 3rd. They set a “hold” rating and a $18.00 target price for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.90.

The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.97. The company has a market cap of $2.07 billion, a PE ratio of 88.10, a price-to-earnings-growth ratio of 2.18 and a beta of 2.00. The business’s 50-day moving average price is $16.07.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, May 8th. The construction company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.11. The firm had revenue of $305.95 million during the quarter, compared to analysts’ expectations of $312.42 million. Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.55) EPS. As a group, analysts expect that Summit Materials Inc will post 0.77 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Penn Capital Management Co. Inc. boosted its stake in shares of Summit Materials by 26.6% in the 1st quarter. Penn Capital Management Co. Inc. now owns 909,376 shares of the construction company’s stock valued at $15,393,000 after purchasing an additional 190,966 shares during the last quarter. Sciencast Management LP bought a new position in shares of Summit Materials in the 1st quarter valued at about $294,000. Jane Street Group LLC bought a new position in shares of Summit Materials in the 4th quarter valued at about $812,000. BlackRock Inc. boosted its stake in shares of Summit Materials by 1.4% in the 4th quarter. BlackRock Inc. now owns 7,798,909 shares of the construction company’s stock valued at $96,707,000 after purchasing an additional 110,731 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Summit Materials by 80.9% in the 4th quarter. Bank of America Corp DE now owns 747,776 shares of the construction company’s stock valued at $9,272,000 after purchasing an additional 334,492 shares during the last quarter.

Summit Materials Company Profile (NYSE:SUM)

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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