Summit Materials (SUM) Trading Down 6.6%

Shares of Summit Materials Inc (NYSE:SUM) fell 6.6% on Thursday . The company traded as low as $13.81 and last traded at $13.85. 3,211,961 shares were traded during mid-day trading, an increase of 87% from the average session volume of 1,713,446 shares. The stock had previously closed at $14.83.

A number of brokerages recently weighed in on SUM. ValuEngine downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Stifel Nicolaus dropped their target price on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. Royal Bank of Canada dropped their target price on shares of Summit Materials to $27.00 and set an “outperform” rating on the stock in a report on Thursday, August 2nd. Stephens set a $21.00 target price on shares of Summit Materials and gave the stock a “buy” rating in a report on Wednesday. Finally, Barclays dropped their target price on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a report on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Summit Materials has a consensus rating of “Buy” and an average target price of $29.96.

The company has a current ratio of 2.07, a quick ratio of 1.26 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $1.55 billion, a P/E ratio of 14.73, a P/E/G ratio of 1.57 and a beta of 1.52.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 1st. The construction company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.24). The company had revenue of $549.24 million for 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 business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $0.47 earnings per share. As a group, equities research analysts forecast that Summit Materials Inc will post 0.84 EPS for the current year.

In other Summit Materials news, COO Karl Watson purchased 35,500 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was bought at an average cost of $21.15 per share, with a total value of $750,825.00. Following the purchase, the chief operating officer now directly owns 23,700 shares of the company’s stock, valued at $501,255. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can grew its stake in shares of Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after acquiring an additional 2,025 shares in the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after acquiring an additional 7,420 shares in the last quarter. Sheets Smith Wealth Management bought a new position in shares of Summit Materials during the 3rd quarter worth approximately $230,000. GSA Capital Partners LLP bought a new position in shares of Summit Materials during the 1st quarter worth approximately $244,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Summit Materials during the 2nd quarter worth approximately $312,000.

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.

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