Summit Materials Inc. (SUM) Sees Unusually-High Trading Volume
Summit Materials Inc. (NYSE:SUM) shares saw an uptick in trading volume on Thursday . 4,034,961 shares changed hands 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.
Several research firms recently commented on SUM. Zacks Investment Research cut 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. reaffirmed a “buy” rating on shares of Summit Materials in a research report on Friday, June 17th. Goldman Sachs Group Inc. upped their price objective on Summit Materials from $22.00 to $25.00 in a research report on Friday, April 8th. Finally, Royal Bank Of Canada upped their price objective on Summit Materials from $18.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, April 1st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $25.33.
The stock has a market capitalization of $1.33 billion and a price-to-earnings ratio of 55.76. The firm’s 50 day moving average is $20.70 and its 200-day moving average is $19.16.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, May 4th. The company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.06. The firm earned $208 million during the quarter, compared to analysts’ expectations of $217.75 million. During the same period last year, the business posted ($0.38) earnings per share. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, analysts anticipate that Summit Materials Inc. will post $1.27 earnings per share for the current fiscal year.
In other Summit Materials news, CEO Thomas W. Hill sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 27th. The stock was sold at an average price of $21.46, for a total value of $214,600.00. Following the transaction, the chief executive officer now directly owns 10,150 shares of the company’s stock, valued at $217,819. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mikel Shane Evans sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, April 19th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the insider now directly owns 26,090 shares in the company, valued at $521,800. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in SUM. First Trust Advisors LP raised its position in Summit Materials by 1.2% in the fourth quarter. First Trust Advisors LP now owns 72,321 shares of the company’s stock valued at $1,449,000 after buying an additional 880 shares during the period. Eagle Asset Management Inc. raised its position in Summit Materials by 1.5% in the fourth quarter. Eagle Asset Management Inc. now owns 182,704 shares of the company’s stock valued at $3,661,000 after buying an additional 2,698 shares during the period. California State Teachers Retirement System raised its position in Summit Materials by 26.6% in the fourth quarter. California State Teachers Retirement System now owns 58,848 shares of the company’s stock valued at $1,179,000 after buying an additional 12,375 shares during the period. OppenheimerFunds Inc. raised its position in Summit Materials by 6.0% in the fourth quarter. OppenheimerFunds Inc. now owns 424,162 shares of the company’s stock valued at $8,500,000 after buying an additional 24,078 shares during the period. Finally, Bank of Montreal Can raised its position in Summit Materials by 5.2% in the fourth quarter. Bank of Montreal Can now owns 487,631 shares of the company’s stock valued at $9,772,000 after buying an additional 24,083 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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