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

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on SUM. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Stifel Nicolaus dropped their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Hedge Funds Weigh In On Summit Materials

A number of hedge funds have recently added to or reduced their stakes in SUM. Hood River Capital Management LLC acquired a new position in Summit Materials in the first quarter worth $33,206,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Summit Materials by 6.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company’s stock valued at $263,985,000 after acquiring an additional 448,922 shares during the period. Interval Partners LP acquired a new position in shares of Summit Materials during the first quarter valued at $18,051,000. Millennium Management LLC boosted its holdings in shares of Summit Materials by 16.9% during the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company’s stock valued at $100,817,000 after acquiring an additional 399,072 shares during the period. Finally, Troluce Capital Advisors LLC acquired a new position in shares of Summit Materials during the second quarter valued at $10,983,000.

Summit Materials Stock Down 1.3 %

SUM stock opened at $38.71 on Monday. Summit Materials has a twelve month low of $30.38 and a twelve month high of $44.89. 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 capitalization of $6.80 billion, a P/E ratio of 17.28 and a beta of 1.18. The firm has a 50 day simple moving average of $38.70 and a 200-day simple moving average of $39.19.

Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the company earned $0.71 earnings per share. The business’s quarterly revenue was up 58.1% compared to the same quarter last year. On average, equities research analysts predict that Summit Materials will post 1.67 earnings per share for the current fiscal 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.