Investors Purchase High Volume of Summit Materials Put Options (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUM) was the recipient of some unusual options trading on Monday. Stock traders acquired 20,004 put options on the company. This is an increase of approximately 10,772% compared to the average daily volume of 184 put options.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of recent analyst reports. Citigroup raised their price target on shares of Summit Materials from $44.00 to $47.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Stephens restated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Truist Financial lowered their price target on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.40.

Summit Materials Trading Up 1.7 %

Shares of NYSE SUM opened at $38.36 on Tuesday. The stock has a market cap of $6.74 billion, a P/E ratio of 17.13 and a beta of 1.18. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a 1 year low of $29.98 and a 1 year high of $44.89. The firm has a 50-day moving average of $38.60 and a 200 day moving average of $39.41.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. As a group, sell-side analysts expect that Summit Materials will post 1.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Summit Materials by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company’s stock valued at $393,871,000 after purchasing an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position 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 buying an additional 448,922 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Summit Materials by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 5,324,077 shares of the construction company’s stock worth $237,294,000 after buying an additional 64,128 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Summit Materials by 7.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company’s stock worth $134,669,000 after buying an additional 241,757 shares during the last quarter.

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.