Summit Materials, Inc. (NYSE:SUM) Short Interest Update

Summit Materials, Inc. (NYSE:SUM) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 6,590,000 shares, a growth of 27.7% from the December 15th total of 5,160,000 shares. Based on an average daily trading volume, of 3,380,000 shares, the days-to-cover ratio is presently 1.9 days.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Summit Materials presently has an average rating of “Hold” and a consensus price target of $50.54.

Insider Buying and Selling

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now directly owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is currently owned by company insiders.

Institutional Trading of Summit Materials

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc grew its holdings in shares of Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the last quarter. Assetmark Inc. grew its holdings in Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after buying an additional 411 shares in the last quarter. Xponance Inc. grew its holdings in Summit Materials by 6.2% in the 2nd quarter. Xponance Inc. now owns 7,687 shares of the construction company’s stock worth $281,000 after buying an additional 448 shares in the last quarter. Toth Financial Advisory Corp grew its holdings in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after buying an additional 500 shares in the last quarter. Finally, KBC Group NV grew its holdings in Summit Materials by 19.8% in the 3rd quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock worth $149,000 after buying an additional 629 shares in the last quarter.

Summit Materials Stock Up 0.0 %

Shares of NYSE:SUM traded up $0.01 during trading on Friday, hitting $52.20. The company’s stock had a trading volume of 2,177,027 shares, compared to its average volume of 3,466,692. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials has a fifty-two week low of $34.64 and a fifty-two week high of $53.49. The stock’s 50-day moving average price is $50.71 and its two-hundred day moving average price is $43.52. The company has a market capitalization of $9.17 billion, a PE ratio of 63.65 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released 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 business had revenue of $1.11 billion for 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 company’s revenue was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, sell-side analysts expect that Summit Materials will post 1.66 EPS for the current year.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.