Summit Materials (NYSE:SUM) Sets New 12-Month High at $24.57

Summit Materials Inc (NYSE:SUM) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $24.57 and last traded at $24.40, with a volume of 308239 shares changing hands. The stock had previously closed at $24.11.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Summit Materials from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 5th. Cfra upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Wednesday, October 30th. Deutsche Bank began coverage on shares of Summit Materials in a research note on Wednesday, November 27th. They set a “buy” rating and a $32.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Summit Materials from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Finally, BNP Paribas started coverage on Summit Materials in a research note on Wednesday, October 9th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $24.13.

The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 162.73 and a beta of 2.16. The company has a quick ratio of 1.75, a current ratio of 2.34 and a debt-to-equity ratio of 1.35. The firm has a fifty day moving average price of $23.17 and a 200-day moving average price of $20.08.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.20). The business had revenue of $665.85 million for the quarter, compared to analysts’ expectations of $674.18 million. Summit Materials had a return on equity of 1.40% and a net margin of 0.20%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share. Equities research analysts anticipate that Summit Materials Inc will post 0.43 earnings per share for the current fiscal year.

In related news, insider Anne Lee Benedict sold 3,011 shares of Summit Materials stock in a transaction on Friday, November 15th. The stock was sold at an average price of $23.20, for a total value of $69,855.20. Following the transaction, the insider now owns 8,698 shares in the company, valued at $201,793.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mikel Shane Evans sold 344,231 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $23.60, for a total value of $8,123,851.60. Following the sale, the insider now directly owns 6,288 shares of the company’s stock, valued at approximately $148,396.80. The disclosure for this sale can be found here. Insiders have sold 415,051 shares of company stock worth $9,793,345 in the last 90 days. Insiders own 1.76% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in SUM. Tower Research Capital LLC TRC acquired a new position in Summit Materials in the 3rd quarter worth $64,000. Strs Ohio acquired a new stake in Summit Materials during the third quarter valued at approximately $135,000. Quantamental Technologies LLC bought a new position in Summit Materials during the 2nd quarter worth approximately $154,000. Venturi Wealth Management LLC bought a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $185,000. Finally, Skylands Capital LLC acquired a new stake in shares of Summit Materials during the 2nd quarter valued at approximately $193,000.

Summit Materials Company Profile (NYSE:SUM)

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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