Summit Materials Inc (SUM) Sees Significant Growth in Short Interest

Summit Materials Inc (NYSE:SUM) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 18,016,593 shares, an increase of 21.7% from the October 31st total of 14,805,659 shares. Approximately 16.2% of the shares of the company are sold short. Based on an average daily volume of 5,157,051 shares, the short-interest ratio is currently 3.5 days.

In other news, insider Thomas A. Beck purchased 10,000 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were purchased at an average price of $13.97 per share, with a total value of $139,700.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Brian James Harris purchased 5,000 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were purchased at an average cost of $14.12 per share, for a total transaction of $70,600.00. Following the transaction, the chief financial officer now directly owns 72,584 shares in the company, valued at $1,024,886.08. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of SUM. Bank of Montreal Can lifted its holdings in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after purchasing an additional 2,025 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Summit Materials during the 3rd quarter worth about $168,000. Cubist Systematic Strategies LLC lifted its holdings in Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after purchasing an additional 7,420 shares in the last quarter. Sheets Smith Wealth Management purchased a new stake in Summit Materials during the 3rd quarter worth about $230,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Summit Materials during the 2nd quarter worth about $312,000.

Shares of SUM opened at $14.50 on Tuesday. The stock has a market cap of $1.62 billion, a P/E ratio of 15.59, a P/E/G ratio of 3.19 and a beta of 1.81. The company has a debt-to-equity ratio of 1.33, a quick ratio of 1.50 and a current ratio of 2.30. Summit Materials has a 52-week low of $11.67 and a 52-week high of $34.06.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.21). The company had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $638.93 million. Summit Materials had a return on equity of 6.74% and a net margin of 4.64%. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the company posted $0.73 EPS. As a group, research analysts expect that Summit Materials will post 0.43 EPS for the current year.

SUM has been the topic of a number of recent research reports. DA Davidson set a $28.00 price target on Summit Materials and gave the company a “buy” rating in a research report on Thursday, October 11th. Citigroup set a $21.00 price target on Summit Materials and gave the company a “buy” rating in a research report on Thursday, November 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.00 price target on shares of Summit Materials in a research report on Thursday, November 8th. ValuEngine cut Summit Materials from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 11th. Finally, Stephens set a $21.00 price target on Summit Materials and gave the company a “buy” rating in a research report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $26.70.

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About Summit Materials

Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.

Read More: Diversification

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