Summit Materials (NYSE:SUM) Sees Large Volume Increase – Still a Buy?

Summit Materials, Inc. (NYSE:SUM) shares saw unusually-high trading volume on Monday . Approximately 3,011,534 shares traded hands during trading, an increase of 175% from the previous session’s volume of 1,097,049 shares.The stock last traded at $50.78 and had previously closed at $51.66.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. DA Davidson upped their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday. StockNews.com lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Loop Capital reiterated a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday. Finally, Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $50.81.

Summit Materials Trading Up 0.2 %

The company has a fifty day moving average of $43.52 and a 200-day moving average of $40.11. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 62.01 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.70 by $0.05. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 earnings per share. As a group, equities research analysts anticipate that Summit Materials, Inc. will post 1.64 earnings per share for the current fiscal year.

Institutional Trading of Summit Materials

Several large investors have recently bought and sold shares of the business. Synovus Financial Corp boosted its stake in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $1,102,000 after buying an additional 3,390 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Summit Materials by 32.0% during the 3rd quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock worth $534,000 after acquiring an additional 3,321 shares during the period. World Investment Advisors LLC acquired a new position in shares of Summit Materials during the 3rd quarter valued at about $457,000. Sanctuary Advisors LLC grew its holdings in shares of Summit Materials by 50.8% in the third quarter. Sanctuary Advisors LLC now owns 25,402 shares of the construction company’s stock valued at $991,000 after purchasing an additional 8,559 shares during the period. Finally, Geode Capital Management LLC raised its stake in Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares during the period.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.