Summit Materials Inc. (SUM) Trading Up 3.8%
Summit Materials Inc. (NYSE:SUM) was up 3.8% during trading on Monday . The company traded as high as $20.56 and last traded at $20.54, with a volume of 611,002 shares traded. The stock had previously closed at $19.78.
A number of equities research analysts recently commented on SUM shares. Bank of America Corp. reiterated a “buy” rating on shares of Summit Materials in a research report on Friday, June 17th. Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Tuesday, May 10th. Citigroup Inc. upped their price objective on Summit Materials from $25.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Summit Materials in a research report on Tuesday, April 26th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Summit Materials has a consensus rating of “Buy” and a consensus target price of $25.00.
The company’s 50-day moving average price is $21.06 and its 200-day moving average price is $20.07. The firm has a market cap of $1.56 billion and a PE ratio of 62.25.
Summit Materials (NYSE:SUM) last posted its earnings results on Wednesday, August 3rd. The company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.47 by $0.01. The firm earned $412.60 million during the quarter, compared to analysts’ expectations of $417.14 million. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. Equities analysts forecast that Summit Materials Inc. will post $1.21 EPS for the current year.
In other news, insider Thomas W. Hill sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $19.80, for a total transaction of $198,000.00. Following the sale, the insider now directly owns 10,150 shares in the company, valued at approximately $200,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard L. Lance sold 27,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $20.67, for a total value of $558,090.00. Following the sale, the director now owns 27,000 shares in the company, valued at $558,090. The disclosure for this sale can be found here.
Other large investors have recently bought and sold shares of the company. 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 valued at $70,985,000 after buying an additional 504,345 shares during the last quarter. First Trust Advisors LP boosted its stake 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 last quarter. Schwab Charles Investment Management Inc. boosted its stake in Summit Materials by 23.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 126,849 shares of the company’s stock valued at $2,543,000 after buying an additional 24,111 shares during the last quarter. Bank of Montreal Can boosted its stake 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 last quarter. Finally, Swiss National Bank purchased a new stake in Summit Materials during the fourth quarter valued at about $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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