Summit Materials (SUM) Shares Down 6.6%

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.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data 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). Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The company had revenue of $549.24 million during the quarter, compared to analysts’ expectations of $546.76 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year. Analysts forecast that Summit Materials Inc will post 0.98 EPS for the current fiscal year.

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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