Summit Materials, Inc. (NYSE:SUM) Sees Large Decrease in Short Interest

Summit Materials, Inc. (NYSE:SUM) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 4,140,000 shares, a decline of 13.8% from the August 31st total of 4,800,000 shares. Based on an average daily volume of 987,300 shares, the days-to-cover ratio is currently 4.2 days.

Institutional Trading of Summit Materials

Several institutional investors and hedge funds have recently bought and sold shares of SUM. Janney Montgomery Scott LLC grew its stake in Summit Materials by 17.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 13,553 shares of the construction company’s stock valued at $521,000 after acquiring an additional 1,965 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Summit Materials by 3.4% in the 4th quarter. Wells Fargo & Company MN now owns 202,404 shares of the construction company’s stock valued at $7,784,000 after buying an additional 6,633 shares in the last quarter. D.A. Davidson & CO. bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $327,000. Corient Private Wealth LLC bought a new stake in shares of Summit Materials in the 4th quarter valued at approximately $676,000. Finally, Franklin Resources Inc. grew its stake in shares of Summit Materials by 1.2% in the 4th quarter. Franklin Resources Inc. now owns 184,618 shares of the construction company’s stock valued at $7,100,000 after buying an additional 2,169 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SUM shares. Truist Financial cut their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Stephens reiterated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Finally, Citigroup boosted their price target on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Summit Materials Price Performance

NYSE SUM opened at $38.71 on Monday. The stock’s 50-day moving average price is $38.70 and its two-hundred day moving average price is $39.19. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The company has a market cap of $6.80 billion, a PE ratio of 17.28 and a beta of 1.18. Summit Materials has a 1 year low of $30.38 and a 1 year high of $44.89.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.71 EPS. On average, analysts predict that Summit Materials will post 1.67 EPS for the current year.

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.