Summit Materials (SUM) Trading Down 5.6%
Summit Materials Inc (NYSE:SUM)’s share price traded down 5.6% during trading on Thursday . The stock traded as low as $15.36 and last traded at $15.38. 2,850,786 shares were traded during trading, an increase of 69% from the average session volume of 1,684,610 shares. The stock had previously closed at $16.30.
Several equities analysts recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. ValuEngine lowered shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Citigroup reduced their target price on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating on the stock in a report on Monday, July 23rd. Stephens set a $24.00 target price on shares of Summit Materials and gave the company a “buy” rating in a report on Thursday, August 2nd. Finally, Barclays reduced their target price on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $30.21.
The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.77 and a beta of 1.52. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07.
In other news, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Thursday, July 19th. The shares were sold at an average price of $26.10, for a total value of $326,250.00. Following the completion of the sale, the chief executive officer now directly owns 110,602 shares of the company’s stock, valued at approximately $2,886,712.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Karl Watson bought 35,500 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was bought at an average cost of $21.15 per share, with a total value of $750,825.00. Following the completion of the transaction, the chief operating officer now owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
Large investors have recently bought and sold shares of the company. Bank of Montreal Can lifted its position in shares of Summit Materials by 55.1% in the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after purchasing an additional 2,025 shares during the period. GSA Capital Partners LLP purchased a new position in Summit Materials during the 1st quarter valued at about $244,000. Cubist Systematic Strategies LLC lifted its position in Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after acquiring an additional 7,420 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in Summit Materials during the 2nd quarter valued at about $312,000. Finally, Xact Kapitalforvaltning AB lifted its position in Summit Materials by 57.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,264 shares of the construction company’s stock valued at $432,000 after acquiring an additional 5,200 shares during the period.
About Summit Materials (NYSE:SUM)
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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