Summit Materials (NYSE:SUM) Sees Unusually-High Trading Volume – Here’s Why

Summit Materials, Inc. (NYSE:SUM) saw an uptick in trading volume on Monday . 3,011,534 shares were traded during trading, an increase of 175% from the previous session’s volume of 1,097,049 shares.The stock last traded at $50.78 and had previously closed at $51.66.

Analyst Ratings Changes

Several research firms have commented on SUM. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday. Citigroup restated a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research report on Monday. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday. Finally, Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $50.81.

Summit Materials Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market capitalization of $8.93 billion, a PE ratio of 62.01 and a beta of 1.14. The company’s fifty day moving average is $43.52 and its 200-day moving average is $40.11.

Summit Materials (NYSE:SUM) last released its quarterly 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. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, analysts anticipate that Summit Materials, Inc. will post 1.64 EPS for the current fiscal year.

Institutional Trading of Summit Materials

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in 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 acquiring an additional 94,694 shares during the period. Ausbil Investment Management Ltd boosted its position in Summit Materials by 355.8% in the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after buying an additional 18,706 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Summit Materials by 3.9% in the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock valued at $28,570,000 after buying an additional 27,225 shares during the last quarter. Comerica Bank increased its holdings in Summit Materials by 215.3% in the 1st quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock worth $4,058,000 after buying an additional 62,173 shares during the period. Finally, Royce & Associates LP raised its position in Summit Materials by 5.7% during the 3rd quarter. Royce & Associates LP now owns 369,869 shares of the construction company’s stock worth $14,436,000 after buying an additional 19,870 shares during the last quarter.

Summit Materials Company Profile

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.