Shares of Summit Materials Inc (NYSE:SUM) were down 6.6% on Thursday . The stock traded as low as $13.81 and last traded at $13.85. Approximately 3,211,961 shares traded hands during mid-day trading, an increase of 87% from the average daily volume of 1,713,446 shares. The stock had previously closed at $14.83.
Several analysts have weighed in on SUM shares. ValuEngine lowered Summit Materials from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 11th. DA Davidson set a $28.00 target price on Summit Materials and gave the company a “buy” rating in a report on Thursday, October 11th. Stephens set a $24.00 target price on Summit Materials and gave the company a “buy” rating in a report on Thursday, August 2nd. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a report on Friday, July 27th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a report on Sunday, July 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $29.96.
The company has a quick ratio of 1.26, a current ratio of 2.07 and a debt-to-equity ratio of 1.41. The stock has a market cap of $2.03 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 1.77 and a beta of 1.52.
In other Summit Materials news, COO Karl Watson bought 35,500 shares of Summit Materials stock in a transaction that occurred on Friday, August 3rd. The shares were purchased at an average cost of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the transaction, the chief operating officer now owns 23,700 shares of the company’s stock, valued at approximately $501,255. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Summit Materials by 8.8% during the second quarter. BlackRock Inc. now owns 7,560,142 shares of the construction company’s stock worth $198,453,000 after buying an additional 612,601 shares during the period. Jennison Associates LLC grew its stake in shares of Summit Materials by 0.7% in the second quarter. Jennison Associates LLC now owns 5,899,348 shares of the construction company’s stock valued at $154,858,000 after buying an additional 40,172 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Summit Materials by 17.4% in the second quarter. Janus Henderson Group PLC now owns 5,862,146 shares of the construction company’s stock valued at $153,881,000 after buying an additional 869,353 shares in the last quarter. Putnam Investments LLC grew its stake in shares of Summit Materials by 16.5% in the second quarter. Putnam Investments LLC now owns 4,213,379 shares of the construction company’s stock valued at $110,601,000 after buying an additional 598,046 shares in the last quarter. Finally, Eagle Asset Management Inc. grew its stake in shares of Summit Materials by 195.5% in the second quarter. Eagle Asset Management Inc. now owns 2,876,811 shares of the construction company’s stock valued at $75,516,000 after buying an additional 1,903,266 shares in the last quarter.
Summit Materials Company Profile (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.
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