Summit Materials (NYSE:SUM) Reaches New 1-Year High – Here’s What Happened

Summit Materials, Inc. (NYSE:SUM) shares hit a new 52-week high on Monday . The stock traded as high as $54.07 and last traded at $52.53, with a volume of 4689636 shares changing hands. The stock had previously closed at $52.45.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Loop Capital reissued a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $50.54.

Summit Materials Stock Up 0.2 %

The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a 50-day moving average of $51.52 and a two-hundred day moving average of $45.31. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.

Institutional Trading of Summit Materials

A number of hedge funds have recently made changes to their positions in SUM. Vanguard Group Inc. grew its position in Summit Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after purchasing an additional 56,602 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of 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 buying an additional 94,694 shares during the last quarter. River Road Asset Management LLC increased its position in shares of Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after acquiring an additional 488,688 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring an additional 9,566 shares in the last quarter.

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.