Summit Materials (NYSE:SUM) Sees Large Volume Increase – Time to Buy?

Summit Materials, Inc. (NYSE:SUM) shares saw unusually-high trading volume on Tuesday . Approximately 9,108,680 shares changed hands during mid-day trading, an increase of 91% from the previous session’s volume of 4,768,208 shares.The stock last traded at $52.04 and had previously closed at $51.10.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Citigroup reissued a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com initiated coverage on shares of Summit Materials in a research note on Monday. They issued a “sell” rating on the stock. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Loop Capital restated a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm’s 50 day moving average is $50.23 and its two-hundred day moving average is $42.78. The firm has a market capitalization of $9.14 billion, a P/E ratio of 63.48 and a beta of 1.14.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter last year, the company posted $0.81 earnings per share. Research analysts predict that Summit Materials, Inc. will post 1.66 EPS for the current year.

Insider Activity at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Materials

Several institutional investors and hedge funds have recently made changes to their positions in the company. Johnson Investment Counsel Inc. grew its holdings in Summit Materials by 5.8% in the 2nd 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 in the last quarter. Versant Capital Management Inc grew its position in shares of Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Summit Materials by 6.3% during the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after purchasing an additional 411 shares during the period. Xponance Inc. raised its position in shares of 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 buying an additional 448 shares in the last quarter. Finally, Toth Financial Advisory Corp boosted its stake 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 valued at $33,000 after buying an additional 500 shares during the period.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.