Summit Materials Sees Unusually High Options Volume (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUM) saw unusually large options trading activity on Monday. Stock investors purchased 20,004 put options on the stock. This represents an increase of approximately 10,772% compared to the typical daily volume of 184 put options.

Analysts Set New Price Targets

SUM has been the subject of several research analyst reports. Truist Financial cut their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective on the stock. Citigroup upped their target price on shares of Summit Materials from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Stifel Nicolaus dropped their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.40.

Hedge Funds Weigh In On Summit Materials

Several institutional investors have recently bought and sold shares of the stock. Truist Financial Corp purchased a new position in Summit Materials during the 4th quarter valued at approximately $308,000. Principal Securities Inc. bought a new stake in Summit Materials in the fourth quarter worth $165,000. Vanguard Personalized Indexing Management LLC raised its stake in Summit Materials by 10.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 17,053 shares of the construction company’s stock valued at $656,000 after purchasing an additional 1,619 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Summit Materials by 17.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock valued at $521,000 after purchasing an additional 1,965 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of Summit Materials by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company’s stock worth $73,000 after buying an additional 382 shares in the last quarter.

Summit Materials Stock Performance

NYSE SUM opened at $38.36 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The business has a 50-day moving average price of $38.60 and a 200-day moving average price of $39.41. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of 17.13 and a beta of 1.18.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.71 EPS. As a group, equities research analysts predict that Summit Materials will post 1.69 EPS for the current fiscal year.

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.