Summit Materials (NYSE:SUM) Shares Gap Up to $18.44

Summit Materials Inc (NYSE:SUM)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $17.55, but opened at $18.44. Summit Materials shares last traded at $19.22, with a volume of 2,956,698 shares.

Several research analysts have issued reports on SUM shares. Barclays set a $18.00 price target on Summit Materials and gave the stock a “hold” rating in a report on Friday, June 14th. Zacks Investment Research lowered Summit Materials from a “buy” rating to a “hold” rating in a report on Saturday, July 20th. Finally, ValuEngine upgraded Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $20.00.

The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.97. The firm’s fifty day moving average is $18.22. The company has a market cap of $2.07 billion, a P/E ratio of 131.27, a P/E/G ratio of 2.20 and a beta of 2.24.

Summit Materials (NYSE:SUM) last posted its earnings results on Thursday, August 1st. The construction company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.07). Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The company had revenue of $600.90 million during the quarter, compared to the consensus estimate of $583.06 million. During the same quarter in the prior year, the business earned $0.32 EPS. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. On average, research analysts predict that Summit Materials Inc will post 0.76 EPS for the current year.

Hedge funds have recently bought and sold shares of the company. Penn Capital Management Co. Inc. lifted its holdings in shares of Summit Materials by 26.6% in the first quarter. Penn Capital Management Co. Inc. now owns 909,376 shares of the construction company’s stock valued at $15,393,000 after purchasing an additional 190,966 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of Summit Materials during the first quarter valued at approximately $294,000. Jane Street Group LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $812,000. Bank of America Corp DE increased its position in shares of Summit Materials by 80.9% during the fourth quarter. Bank of America Corp DE now owns 747,776 shares of the construction company’s stock valued at $9,272,000 after acquiring an additional 334,492 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its position in shares of Summit Materials by 1.1% during the first quarter. Eagle Asset Management Inc. now owns 3,131,472 shares of the construction company’s stock valued at $49,696,000 after acquiring an additional 33,385 shares during the last quarter.

Summit Materials Company Profile (NYSE:SUM)

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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