Shares of Summit Materials Inc (NYSE:SUM) dropped 5% during mid-day trading on Monday . The stock traded as low as $29.16 and last traded at $29.44. Approximately 1,085,448 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 1,071,956 shares. The stock had previously closed at $31.00.
SUM has been the topic of several recent research reports. Citigroup lifted their price target on Summit Materials from $37.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Canaccord Genuity restated a “buy” rating and issued a $12.50 price objective on shares of Summit Materials in a report on Wednesday, November 8th. Royal Bank of Canada restated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. SunTrust Banks set a $38.00 price objective on Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Barclays began coverage on Summit Materials in a report on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Summit Materials currently has an average rating of “Buy” and an average price target of $32.44.
The firm has a market cap of $3,530.00 and a price-to-earnings ratio of 43.29. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59.
In related news, EVP Damian John Murphy sold 115,118 shares of Summit Materials stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the completion of the transaction, the executive vice president now owns 66,440 shares in the company, valued at $2,109,470. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $31.53, for a total value of $394,125.00. The disclosure for this sale can be found here. Insiders have sold 196,418 shares of company stock valued at $6,149,549 in the last quarter. 1.97% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of SUM. Prudential Financial Inc. grew its holdings in Summit Materials by 34.5% during the second quarter. Prudential Financial Inc. now owns 15,785 shares of the construction company’s stock worth $456,000 after purchasing an additional 4,050 shares during the period. Wells Fargo & Company MN grew its holdings in Summit Materials by 4.6% during the second quarter. Wells Fargo & Company MN now owns 220,214 shares of the construction company’s stock worth $6,357,000 after purchasing an additional 9,642 shares during the period. Amalgamated Bank grew its holdings in Summit Materials by 5.5% during the second quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock worth $374,000 after purchasing an additional 672 shares during the period. PNC Financial Services Group Inc. grew its holdings in Summit Materials by 13,842.1% during the second quarter. PNC Financial Services Group Inc. now owns 10,596 shares of the construction company’s stock worth $306,000 after purchasing an additional 10,520 shares during the period. Finally, Northern Trust Corp grew its holdings in Summit Materials by 4.0% during the second quarter. Northern Trust Corp now owns 1,358,465 shares of the construction company’s stock worth $39,219,000 after purchasing an additional 52,493 shares during the period.
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Summit Materials Company Profile
Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.
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