Summit Materials Inc. (SUM) Sees Unusually-High Trading Volume
Summit Materials Inc. (NYSE:SUM) saw strong trading volume on Friday . 3,579,805 shares changed hands during trading, an increase of 150% from the previous session’s volume of 1,432,666 shares.The stock last traded at $22.14 and had previously closed at $22.42.
Several research analysts recently weighed in on the company. Zacks Investment Research downgraded Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, May 13th. Citigroup Inc. boosted their target price on Summit Materials from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, April 18th. Bank of America Corp. restated a “buy” rating on shares of Summit Materials in a research note on Friday, June 17th. Finally, Goldman Sachs Group Inc. boosted their target price on Summit Materials from $22.00 to $25.00 in a research note on Friday, April 8th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Summit Materials has a consensus rating of “Buy” and an average price target of $25.33.
The stock’s 50-day moving average is $20.85 and its 200 day moving average is $19.42. The company has a market capitalization of $1.39 billion and a price-to-earnings ratio of 57.96.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, May 4th. The company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.06. The company earned $208 million during the quarter, compared to analyst estimates of $217.75 million. During the same quarter in the previous year, the business posted ($0.38) earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. Equities analysts expect that Summit Materials Inc. will post $1.23 earnings per share for the current year.
In other news, insider Anne Lee Benedict sold 5,000 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $20.67, for a total value of $103,350.00. Following the sale, the insider now directly owns 7,030 shares in the company, valued at $145,310.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian James Harris sold 30,000 shares of the stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $620,100.00. Following the completion of the sale, the chief financial officer now owns 55,825 shares in the company, valued at $1,153,902.75. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of SUM. 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 in the last quarter. 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 in the last quarter. Hodges Capital Management Inc. boosted its stake in Summit Materials by 46.5% in the fourth quarter. Hodges Capital Management Inc. now owns 293,760 shares of the company’s stock worth $5,887,000 after buying an additional 93,260 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Summit Materials by 351.7% in the fourth quarter. New York State Common Retirement Fund now owns 110,677 shares of the company’s stock worth $2,218,000 after buying an additional 86,177 shares in the last quarter. Finally, Swiss National Bank acquired a new stake in Summit Materials during the fourth quarter worth $1,367,000.
Summit Materials, Inc is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana.
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