Summit Materials (NYSE:SUM) Shares Gap Up – What’s Next?

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 trading hands.

Wall Street Analyst Weigh In

A number of analysts have commented on SUM shares. Citigroup decreased their price objective on Summit Materials from $47.00 to $46.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. DA Davidson reiterated a “neutral” rating and set a $41.00 price target on shares of Summit Materials in a report on Tuesday, October 15th. JPMorgan Chase & Co. dropped their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Stephens reiterated an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. Finally, Jefferies Financial Group lowered their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.83.

Summit Materials Stock Up 4.2 %

The company has a market capitalization of $7.91 billion, a PE ratio of 20.13 and a beta of 1.17. The stock’s fifty day moving average is $38.93 and its two-hundred day moving average is $38.75. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

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

Hedge Funds Weigh In On Summit Materials

Institutional investors have recently bought and sold shares of the company. Diversify Wealth Management LLC increased its position in Summit Materials by 14.2% in the third quarter. Diversify Wealth Management LLC now owns 10,164 shares of the construction company’s stock worth $413,000 after buying an additional 1,260 shares during the last quarter. Diversify Advisory Services LLC bought a new position in shares of Summit Materials during the 3rd quarter worth $204,000. Hunter Associates Investment Management LLC increased its holdings in Summit Materials by 104.4% in the 3rd quarter. Hunter Associates Investment Management LLC now owns 76,963 shares of the construction company’s stock worth $3,001,000 after acquiring an additional 39,308 shares during the last quarter. Mount Yale Investment Advisors LLC raised its stake in Summit Materials by 19.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 7,452 shares of the construction company’s stock valued at $291,000 after acquiring an additional 1,223 shares during the period. Finally, Ausbil Investment Management Ltd lifted its holdings in Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock valued at $935,000 after purchasing an additional 18,706 shares during the last quarter.

Summit Materials Company Profile

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.