Summit Materials Sees Unusually High Options Volume (SUM)

Summit Materials, Inc. (NYSE:SUM) was the target of unusually large options trading activity on Thursday. Traders acquired 2,254 call options on the company. This is an increase of 1,086% compared to the typical daily volume of 190 call options.

In other news, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $29.80, for a total transaction of $372,500.00. Following the transaction, the insider now directly owns 214,310 shares of the company’s stock, valued at approximately $6,386,438. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Damian John Murphy sold 100,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the transaction, the executive vice president now directly owns 104,398 shares in the company, valued at $3,200,842.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,036 shares of company stock worth $7,884,062. Corporate insiders own 1.97% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SUM. Janus Henderson Group PLC acquired a new stake in Summit Materials in the 2nd quarter valued at about $121,836,000. FMR LLC lifted its holdings in Summit Materials by 616.9% in the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock valued at $87,021,000 after purchasing an additional 2,593,803 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in Summit Materials by 110.7% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after purchasing an additional 1,570,803 shares in the last quarter. Jennison Associates LLC lifted its holdings in Summit Materials by 32.9% in the 3rd quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock valued at $166,353,000 after purchasing an additional 1,285,287 shares in the last quarter. Finally, Banbury Partners LLC purchased a new position in Summit Materials in the 3rd quarter valued at about $28,025,000.

Shares of Summit Materials (NYSE:SUM) opened at $31.46 on Tuesday. The company has a market cap of $3,280.00 and a PE ratio of 32.83. Summit Materials has a 12 month low of $22.19 and a 12 month high of $32.69. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The business had revenue of $634.18 million during the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. Summit Materials’s revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 earnings per share. equities analysts anticipate that Summit Materials will post 1.02 earnings per share for the current year.

A number of equities analysts have recently weighed in on SUM shares. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Bank of America upped their price target on shares of Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. SunTrust Banks set a $38.00 price target on shares of Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $12.50 price objective on shares of Summit Materials in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Summit Materials presently has a consensus rating of “Hold” and an average target price of $31.42.

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About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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