Summit Materials Target of Unusually High Options Trading (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUM - Get Free Report) was the recipient of unusually large options trading activity on Monday. Traders bought 20,004 put options on the stock. This is an increase of 10,772% compared to the typical daily volume of 184 put options.

Summit Materials Stock Performance

Shares of NYSE SUM traded up $0.65 during mid-day trading on Monday, hitting $38.36. The company had a trading volume of 877,754 shares, compared to its average volume of 966,022. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The business's 50-day simple moving average is $38.60 and its 200-day simple moving average is $39.41. Summit Materials has a 12 month low of $29.98 and a 12 month high of $44.89. The firm has a market cap of $6.74 billion, a P/E ratio of 17.13 and a beta of 1.18.

Summit Materials (NYSE:SUM - Get Free Report) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. The business had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $1.14 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The firm's revenue was up 58.1% on a year-over-year basis. During the same quarter last year, the company earned $0.71 earnings per share. As a group, analysts predict that Summit Materials will post 1.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Citigroup raised their price target on Summit Materials from $44.00 to $47.00 and gave the company a "buy" rating in a research report on Thursday, August 8th. Morgan Stanley assumed coverage on Summit Materials in a research report on Monday, August 26th. They issued an "overweight" rating and a $51.00 price target on the stock. Stephens reaffirmed an "overweight" rating and issued a $47.00 price target on shares of Summit Materials in a research report on Tuesday, August 6th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $45.00 price target on shares of Summit Materials in a research report on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Summit Materials from $53.00 to $47.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.40.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings in Summit Materials by 113.7% during the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company's stock valued at $29,000 after purchasing an additional 399 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Summit Materials in the 2nd quarter worth approximately $40,000. Register Financial Advisors LLC bought a new stake in Summit Materials during the 1st quarter worth approximately $45,000. Quadrant Capital Group LLC grew its position in Summit Materials by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,902 shares of the construction company's stock worth $73,000 after acquiring an additional 382 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Summit Materials during the 1st quarter valued at $102,000.

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.