Summit Materials, Inc. (NYSE:SUM) Sees Large Growth in Short Interest

Summit Materials, Inc. (NYSE:SUMGet Free Report) was the recipient of a significant growth in short interest in February. As of February 29th, there was short interest totalling 4,600,000 shares, a growth of 18.3% from the February 14th total of 3,890,000 shares. Based on an average daily trading volume, of 918,100 shares, the short-interest ratio is currently 5.0 days.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Signaturefd LLC increased its position in Summit Materials by 110.3% during the 4th quarter. Signaturefd LLC now owns 654 shares of the construction company’s stock valued at $25,000 after purchasing an additional 343 shares during the period. Parallel Advisors LLC increased its position in Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after purchasing an additional 399 shares during the period. BluePath Capital Management LLC acquired a new stake in Summit Materials during the 3rd quarter valued at approximately $32,000. Benjamin Edwards Inc. increased its position in Summit Materials by 81.3% during the 2nd quarter. Benjamin Edwards Inc. now owns 939 shares of the construction company’s stock valued at $36,000 after purchasing an additional 421 shares during the period. Finally, Pinebridge Investments L.P. increased its position in Summit Materials by 37.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 1,015 shares of the construction company’s stock valued at $38,000 after purchasing an additional 274 shares during the period.

Summit Materials Stock Down 2.0 %

SUM stock opened at $40.82 on Friday. The firm has a 50-day moving average price of $39.05 and a 200-day moving average price of $36.09. The stock has a market capitalization of $7.11 billion, a P/E ratio of 17.15 and a beta of 1.32. Summit Materials has a 12 month low of $25.43 and a 12 month high of $44.42. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99.

Summit Materials (NYSE:SUMGet Free Report) last issued its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. The business had revenue of $613.13 million during the quarter, compared to analyst estimates of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the business earned $0.32 EPS. As a group, equities research analysts anticipate that Summit Materials will post 2.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SUM has been the topic of a number of analyst reports. Truist Financial increased their price objective on shares of Summit Materials from $43.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective on the stock. Finally, Stephens reissued an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a report on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.30.

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Summit Materials Company Profile

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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.

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