Insider Selling: Summit Materials, Inc. (NYSE:SUM) Insider Sells 1,536 Shares of Stock

Summit Materials, Inc. (NYSE:SUM) insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction dated Tuesday, December 10th. The stock was 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 owns 40,221 shares of the company’s stock, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Summit Materials Stock Up 0.1 %

SUM traded up $0.03 during trading on Wednesday, hitting $50.93. The company had a trading volume of 3,117,030 shares, compared to its average volume of 1,375,829. The company has a market cap of $8.94 billion, a PE ratio of 62.09 and a beta of 1.14. The business has a 50-day moving average of $45.64 and a 200-day moving average of $40.79. 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, Inc. has a 1-year low of $34.38 and a 1-year high of $53.49.

Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same period last year, the firm earned $0.81 EPS. The firm’s revenue was up 49.9% compared to the same quarter last year. As a group, analysts forecast that Summit Materials, Inc. will post 1.66 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. StockNews.com assumed coverage on Summit Materials in a research note on Thursday, December 5th. They issued a “sell” rating on the stock. Truist Financial restated a “hold” rating and set a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Morgan Stanley initiated coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $50.81.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock valued at $134,669,000 after purchasing an additional 241,757 shares during the period. River Road Asset Management LLC grew its holdings in Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the period.

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.