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

Summit Materials, Inc. (NYSE:SUM) was the recipient of a significant growth in short interest in 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 volume of 3,380,000 shares, the short-interest ratio is presently 1.9 days.

Summit Materials Stock Up 0.0 %

Summit Materials stock traded up $0.01 during mid-day trading on Friday, hitting $52.20. 2,177,027 shares of the company’s stock were exchanged, compared to its average volume of 3,466,692. 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 stock has a market cap of $9.17 billion, a P/E ratio of 63.65 and a beta of 1.14. Summit Materials has a 1-year low of $34.64 and a 1-year high of $53.49. The stock has a 50 day moving average of $50.71 and a two-hundred day moving average of $43.52.

Summit Materials (NYSE:SUM) last posted its 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 for the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. As a group, analysts anticipate that Summit Materials will post 1.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SUM shares. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Truist Financial reiterated a “hold” rating and set a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital restated a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $45.00 to $52.00 in a report on Tuesday, October 29th. 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.54.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Summit Materials

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. bought a new stake in Summit Materials during the third quarter valued at about $7,359,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Summit Materials during the fourth quarter valued at about $704,000. Principal Financial Group Inc. boosted its holdings in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares during the period. Ausbil Investment Management Ltd boosted its holdings in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after acquiring an additional 18,706 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Summit Materials by 3.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock valued at $11,230,000 after acquiring an additional 10,463 shares during the period.

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.