Summit Materials Inc. (SUM) Sees Strong Trading Volume
Summit Materials Inc. (NYSE:SUM) saw an uptick in trading volume on Thursday . 4,034,961 shares were traded during trading, an increase of 266% from the previous session’s volume of 1,102,508 shares.The stock last traded at $21.50 and had previously closed at $21.66.
A number of brokerages have commented on SUM. Zacks Investment Research raised shares of Summit Materials from a “hold” rating to a “strong-buy” rating and set a $26.00 target price for the company in a report on Wednesday, May 25th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Summit Materials in a report on Tuesday, April 26th. Citigroup Inc. upped their target price on shares of Summit Materials from $21.00 to $24.00 and gave the company a “buy” rating in a report on Monday, April 18th. Bank of America Corp. reaffirmed a “buy” rating on shares of Summit Materials in a report on Friday, June 17th. Finally, Barclays PLC upped their target price on shares of Summit Materials from $19.00 to $20.00 and gave the company an “equal weight” rating in a report on Tuesday, March 22nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $25.33.
The stock has a market capitalization of $1.35 billion and a price-to-earnings ratio of 56.60. The firm has a 50-day moving average price of $20.70 and a 200-day moving average price of $19.18.
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, May 4th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.06. The company earned $208 million during the quarter, compared to analyst estimates of $217.75 million. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.38) earnings per share. Equities research analysts anticipate that Summit Materials Inc. will post $1.26 EPS for the current year.
In related news, CEO Thomas W. Hill sold 10,000 shares of Summit Materials stock in a transaction that occurred on Thursday, July 14th. The shares were sold at an average price of $21.45, for a total value of $214,500.00. Following the completion of the sale, the chief executive officer now directly owns 10,150 shares in the company, valued at approximately $217,717.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael John Brady sold 35,228 shares of Summit Materials stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $21.85, for a total transaction of $769,731.80. The disclosure for this sale can be found here.
A number of hedge funds recently added to or reduced their stakes in SUM. Eagle Asset Management Inc. boosted its stake in Summit Materials by 1.5% in the fourth quarter. Eagle Asset Management Inc. now owns 182,704 shares of the company’s stock worth $3,661,000 after buying an additional 2,698 shares during the period. Russell Frank Co boosted its stake in Summit Materials by 244.3% in the fourth quarter. Russell Frank Co now owns 183,054 shares of the company’s stock worth $3,681,000 after buying an additional 129,884 shares during the period. Teacher Retirement System of Texas bought a new stake in Summit Materials during the fourth quarter worth approximately $2,091,000. Oxford Asset Management bought a new stake in Summit Materials during the fourth quarter worth approximately $1,146,000. Finally, Jennison Associates LLC boosted its stake in Summit Materials by 16.6% in the fourth quarter. Jennison Associates LLC now owns 3,542,184 shares of the company’s stock worth $70,985,000 after buying an additional 504,345 shares during the period.
Summit Materials, Inc is a construction material company. The Company offers construction materials and related downstream products. The Company’s materials include aggregates, which it supplies across the country, with a focus on Texas, Kansas, Kentucky, Utah and Missouri and cement, which the Company supplies in Missouri, Iowa and Illinois.
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