Summit Materials (NYSE:SUM) Reaches New 52-Week High - Here's What Happened

Summit Materials, Inc. (NYSE:SUM - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $46.03 and last traded at $43.41, with a volume of 3521262 shares trading hands. The stock had previously closed at $40.62.

Analyst Ratings Changes

Several research analysts recently commented on the company. Jefferies Financial Group reduced their price target on Summit Materials from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. Morgan Stanley assumed coverage on Summit Materials in a research report on Monday, August 26th. They set an "overweight" rating and a $51.00 price target for the company. Citigroup reduced their price target on Summit Materials from $47.00 to $46.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. Royal Bank of Canada reissued a "sector perform" rating and set a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Stephens reissued an "overweight" rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.17.

Summit Materials Stock Performance

The company has a market cap of $7.59 billion, a P/E ratio of 19.33 and a beta of 1.17. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 0.64. The stock has a 50 day moving average price of $38.73 and a two-hundred day moving average price of $38.70.

Summit Materials (NYSE:SUM - Get Free Report) last announced its 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. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. The firm's quarterly revenue was up 58.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 earnings per share. On average, research analysts predict that Summit Materials, Inc. will post 1.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Materials

A number of large investors have recently made changes to their positions in the company. Hunter Associates Investment Management LLC increased its stake in Summit Materials by 104.4% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 76,963 shares of the construction company's stock worth $3,001,000 after acquiring an additional 39,308 shares during the period. Mount Yale Investment Advisors LLC increased its stake in Summit Materials by 19.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 7,452 shares of the construction company's stock worth $291,000 after acquiring an additional 1,223 shares during the period. Ausbil Investment Management Ltd increased its stake in Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company's stock worth $935,000 after acquiring an additional 18,706 shares during the period. International Assets Investment Management LLC increased its stake in Summit Materials by 3,804.2% during the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock worth $37,000 after acquiring an additional 913 shares during the period. Finally, Toth Financial Advisory Corp increased its stake in Summit Materials by 147.1% during the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock worth $33,000 after acquiring an additional 500 shares during the period.

Summit Materials Company Profile

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.