Summit Materials Inc (NYSE:SUM) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 13,895,017 shares, an increase of 47.4% from the August 15th total of 9,424,503 shares. Approximately 12.5% of the company’s shares are sold short. Based on an average trading volume of 2,272,796 shares, the days-to-cover ratio is presently 6.1 days.

In other news, CEO Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $26.10, for a total transaction of $326,250.00. Following the transaction, the chief executive officer now directly owns 110,602 shares in the company, valued at $2,886,712.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Karl Watson acquired 35,500 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were acquired at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the purchase, the chief operating officer now owns 23,700 shares of the company’s stock, valued at approximately $501,255. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new stake in Summit Materials in the first quarter valued at approximately $123,000. Bank of Montreal Can boosted its stake in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after acquiring an additional 2,025 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after acquiring an additional 7,420 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Summit Materials in the first quarter valued at approximately $244,000. Finally, Quadrature Capital Ltd acquired a new stake in Summit Materials in the first quarter valued at approximately $254,000.

A number of equities analysts have recently issued reports on the stock. TheStreet downgraded shares of Summit Materials from a “b” rating to a “c+” rating in a research note on Thursday, June 21st. ValuEngine downgraded shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus dropped their price objective on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, August 3rd. Royal Bank of Canada dropped their price objective on shares of Summit Materials to $27.00 and set an “outperform” rating on the stock in a research note on Thursday, August 2nd. Finally, Barclays dropped their price objective on shares of Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 2nd. One equities 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 company’s stock. The stock has an average rating of “Buy” and a consensus price target of $30.41.

Shares of SUM opened at $19.18 on Wednesday. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.82 and a beta of 1.51. Summit Materials has a twelve month low of $18.47 and a twelve month high of $34.06. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.24). The firm had revenue of $549.24 million during the quarter, compared to analyst estimates of $546.76 million. Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. Summit Materials’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business earned $0.47 earnings per share. equities analysts predict that Summit Materials will post 1 earnings per share for the current fiscal year.

Summit Materials Company Profile

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.

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