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.
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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