Summit Materials (SUM) Sets New 52-Week Low at $14.65

Summit Materials Inc (NYSE:SUM) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $14.65 and last traded at $15.13, with a volume of 126419 shares trading hands. The stock had previously closed at $15.60.

A number of research firms recently commented on SUM. Stephens set a $21.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research note on Wednesday. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research note on Thursday, October 11th. ValuEngine lowered shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus lowered their price objective on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, August 3rd. Finally, Barclays lowered their price objective on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Summit Materials presently has an average rating of “Buy” and a consensus target price of $29.96.

The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07. The stock has a market capitalization of $2.03 billion, a PE ratio of 15.98, a P/E/G ratio of 1.77 and a beta of 1.52.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.24). The business had revenue of $549.24 million during the quarter, compared to analyst estimates of $546.76 million. Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 EPS. As a group, research analysts forecast that Summit Materials Inc will post 0.98 earnings per share for the current fiscal year.

In other news, COO Karl Watson acquired 35,500 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was purchased at an average price of $21.15 per share, with a total value of $750,825.00. Following the purchase, the chief operating officer now owns 23,700 shares of the company’s stock, valued at approximately $501,255. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 19th. The stock was sold at an average price of $26.10, for a total transaction of $326,250.00. Following the completion of the transaction, the chief executive officer now directly owns 110,602 shares of the company’s stock, valued at approximately $2,886,712.20. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Sheets Smith Wealth Management acquired a new position in Summit Materials in the 3rd quarter worth approximately $230,000. State of New Jersey Common Pension Fund D boosted its stake in Summit Materials by 3,155.8% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 660,280 shares of the construction company’s stock worth $12,004,000 after purchasing an additional 640,000 shares during the period. Northern Trust Corp boosted its stake in Summit Materials by 3.6% in the 2nd quarter. Northern Trust Corp now owns 1,399,197 shares of the construction company’s stock worth $36,729,000 after purchasing an additional 48,247 shares during the period. Moody Aldrich Partners LLC boosted its stake in Summit Materials by 74.9% in the 2nd quarter. Moody Aldrich Partners LLC now owns 91,735 shares of the construction company’s stock worth $2,408,000 after purchasing an additional 39,282 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Summit Materials by 6.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 962,805 shares of the construction company’s stock worth $25,274,000 after purchasing an additional 60,342 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.

See Also: Return on Investment (ROI)

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