Summit Materials (NYSE:SUM) Shares Gap Up – Here’s Why

Shares of Summit Materials, Inc. (NYSE:SUM) gapped up prior to trading on Friday . The stock had previously closed at $43.29, but opened at $45.61. Summit Materials shares last traded at $45.38, with a volume of 527,709 shares.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Stephens reissued an “overweight” rating and set a $47.00 price objective on shares of Summit Materials in a research report on Tuesday, August 6th. Truist Financial reduced their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley assumed coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $45.00 to $53.00 in a research note on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

Summit Materials Trading Up 5.8 %

The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The stock has a 50-day moving average of $38.73 and a two-hundred day moving average of $38.70. The company has a market cap of $8.04 billion, a P/E ratio of 20.49 and a beta of 1.17.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials’s quarterly revenue was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 EPS. On average, equities research analysts predict that Summit Materials, Inc. will post 1.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials during the third quarter valued at approximately $27,000. Toth Financial Advisory Corp lifted its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the last quarter. Register Financial Advisors LLC bought a new stake in shares of Summit Materials in the 1st quarter worth $45,000. Finally, Quest Partners LLC purchased a new position in shares of Summit Materials in the second quarter worth $40,000.

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.