Summit Materials (NYSE:SUM) Sees Unusually-High Trading Volume – Time to Buy?

Summit Materials, Inc. (NYSE:SUM) saw unusually-high trading volume on Monday . Approximately 3,011,534 shares traded hands during mid-day trading, an increase of 175% from the previous session’s volume of 1,097,049 shares.The stock last traded at $50.78 and had previously closed at $51.66.

Wall Street Analyst Weigh In

SUM has been the topic of a number of research analyst reports. Loop Capital increased their price target on shares of Summit Materials from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Citigroup cut their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Stephens reissued an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial increased their price target on shares of Summit Materials from $47.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group lowered their price objective on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Summit Materials Trading Down 1.7 %

The firm has a market cap of $8.92 billion, a PE ratio of 62.01 and a beta of 1.14. The firm has a fifty day simple moving average of $43.04 and a two-hundred day simple moving average of $39.97. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. Equities analysts forecast that Summit Materials, Inc. will post 1.64 EPS for the current year.

Institutional Investors Weigh In On Summit Materials

A number of institutional investors have recently modified their holdings of SUM. Johnson Investment Counsel Inc. grew its holdings in shares of Summit Materials by 5.8% during the second quarter. Johnson Investment Counsel Inc. now owns 5,941 shares of the construction company’s stock valued at $218,000 after buying an additional 327 shares during the last quarter. Assetmark Inc. grew its stake in shares of Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after acquiring an additional 411 shares during the period. Waycross Investment Management Co raised its stake in Summit Materials by 1.0% during the 2nd quarter. Waycross Investment Management Co now owns 41,076 shares of the construction company’s stock valued at $1,504,000 after buying an additional 412 shares during the last quarter. Xponance Inc. lifted its holdings in Summit Materials by 6.2% in the second quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock valued at $281,000 after acquiring an additional 448 shares during the period. Finally, Toth Financial Advisory Corp boosted its holdings in shares of Summit Materials by 147.1% in the third quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares during the last quarter.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.