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

Summit Materials, Inc. (NYSE:SUM) saw some unusual options trading on Monday. Investors acquired 20,004 put options on the stock. This represents an increase of 10,772% compared to the typical volume of 184 put options.

Summit Materials Price Performance

NYSE SUM traded up $0.65 during trading hours on Monday, hitting $38.36. 344,071 shares of the company’s stock traded hands, compared to its average volume of 963,023. 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 firm’s 50-day moving average is $38.56 and its 200-day moving average is $39.44. Summit Materials has a 52-week low of $29.98 and a 52-week high of $44.89. The company has a market capitalization of $6.74 billion, a PE ratio of 16.83 and a beta of 1.18.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SUM. Parallel Advisors LLC raised its stake in shares of Summit Materials by 113.7% in the 4th quarter. Parallel Advisors LLC now owns 750 shares of the construction company’s stock valued at $29,000 after acquiring an additional 399 shares during the period. Register Financial Advisors LLC purchased a new stake in shares of Summit Materials in the 1st quarter valued at $45,000. Quest Partners LLC acquired a new position in Summit Materials during the 2nd quarter worth about $40,000. Quadrant Capital Group LLC boosted its holdings 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 valued at $73,000 after acquiring an additional 382 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Summit Materials in the 1st quarter valued at about $102,000.

Analyst Ratings Changes

A number of research firms have weighed in on SUM. Morgan Stanley began coverage on shares of Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price objective for the company. Stephens reissued an “overweight” rating and issued a $47.00 price objective on shares of Summit Materials in a report on Tuesday, August 6th. Stifel Nicolaus reduced their target price on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 price target on shares of Summit Materials in a research note on Wednesday, August 7th. Finally, Truist Financial reduced their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.40.

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.