Summit Materials Inc (NYSE:SUM) was down 5.6% during mid-day trading on Thursday . The company traded as low as $15.36 and last traded at $15.38. Approximately 2,850,786 shares changed hands during mid-day trading, an increase of 69% from the average daily volume of 1,684,610 shares. The stock had previously closed at $16.30.
A number of equities research analysts have issued reports on SUM shares. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada reiterated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Sunday, July 1st. ValuEngine cut shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. TheStreet cut shares of Summit Materials from a “b” rating to a “c+” rating in a research note on Thursday, June 21st. Finally, Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. Summit Materials currently has a consensus rating of “Buy” and a consensus target price of $30.21.
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 company has a market cap of $2.03 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.77 and a beta of 1.52.
In related news, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $26.10, for a total transaction of $326,250.00. Following the sale, the chief executive officer now directly owns 110,602 shares in the company, valued at approximately $2,886,712.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Karl Watson purchased 35,500 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were acquired at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the purchase, the chief operating officer now directly owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can increased its holdings in 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 during the period. Cubist Systematic Strategies LLC increased its holdings in 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 during the period. GSA Capital Partners LLP bought a new stake in Summit Materials during the 1st quarter worth approximately $244,000. Quantitative Systematic Strategies LLC bought a new stake in Summit Materials during the 2nd quarter worth approximately $312,000. Finally, Xact Kapitalforvaltning AB increased its holdings in Summit Materials by 57.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,264 shares of the construction company’s stock worth $432,000 after acquiring an additional 5,200 shares during the period.
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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