Short Interest in Summit Materials, Inc. (NYSE:SUM) Increases By 27.7%

Summit Materials, Inc. (NYSE:SUM - Get Free Report) was the recipient of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 6,590,000 shares, an increase of 27.7% from the December 15th total of 5,160,000 shares. Based on an average trading volume of 3,380,000 shares, the short-interest ratio is currently 1.9 days.

Summit Materials Stock Performance

NYSE:SUM traded up $0.01 during mid-day trading on Friday, hitting $52.20. 2,177,027 shares of the company traded hands, compared to its average volume of 3,466,692. The stock's fifty day moving average price is $50.71 and its 200-day moving average price is $43.62. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials has a one year low of $34.64 and a one year high of $53.49. The firm has a market cap of $9.17 billion, a price-to-earnings ratio of 63.65 and a beta of 1.14.

Summit Materials (NYSE:SUM - Get Free Report) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm posted $0.81 EPS. The firm's quarterly revenue was up 49.9% compared to the same quarter last year. Research analysts anticipate that Summit Materials will post 1.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on SUM. Royal Bank of Canada reissued a "sector perform" rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. Citigroup reaffirmed a "neutral" rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reiterated a "neutral" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, StockNews.com began coverage on shares of Summit Materials in a research report on Tuesday, January 14th. They set a "sell" rating on the stock. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $50.54.

Insider Transactions at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company's stock, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.55% of the company's stock.

Institutional Trading of Summit Materials

Institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company's stock worth $28,000 after buying an additional 353 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Summit Materials in the third quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the third quarter worth about $28,000. Toth Financial Advisory Corp raised 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 valued at $33,000 after purchasing an additional 500 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Summit Materials by 3,804.2% in the 3rd quarter. International Assets Investment Management LLC now owns 937 shares of the construction company's stock worth $37,000 after purchasing an additional 913 shares in the last quarter.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.