Summit Materials (NYSE:SUM) Sees Large Volume Increase – Here’s Why

Summit Materials, Inc. (NYSE:SUM) saw an uptick in trading volume on Wednesday . 1,264,969 shares were traded during trading, a decline of 5% from the previous session’s volume of 1,332,906 shares.The stock last traded at $50.82 and had previously closed at $50.74.

Analyst Ratings Changes

A number of brokerages recently issued reports on SUM. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Citigroup reissued a “neutral” rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. DA Davidson lifted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Jefferies Financial Group decreased their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Loop Capital reaffirmed a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.81.

Summit Materials Trading Down 0.1 %

The firm has a market capitalization of $8.90 billion, a P/E ratio of 61.90 and a beta of 1.14. The stock’s 50-day simple moving average is $44.69 and its two-hundred day simple moving average is $40.47. 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 posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share 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 business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was up 49.9% on a year-over-year basis. Equities research analysts expect that Summit Materials, Inc. will post 1.64 EPS for the current year.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. bought a new position in shares of Summit Materials during the third quarter worth $7,359,000. Synovus Financial Corp raised its stake in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock valued at $1,102,000 after purchasing an additional 3,390 shares in the last quarter. Tidal Investments LLC raised its stake in Summit Materials by 32.0% during the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after purchasing an additional 3,321 shares in the last quarter. World Investment Advisors LLC purchased a new stake in Summit Materials during the third quarter valued at $457,000. Finally, Sanctuary Advisors LLC raised its stake in Summit Materials by 50.8% during the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after purchasing an additional 8,559 shares in the last quarter.

About Summit Materials

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.