Traders Purchase High Volume of Call Options on Summit Materials (SUM)

Summit Materials, Inc. (NYSE:SUM) was the recipient of some unusual options trading on Thursday. Stock investors purchased 2,254 call options on the company. This is an increase of 1,086% compared to the typical volume of 190 call options.

In other Summit Materials news, insider Thomas A. Beck sold 17,899 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.24, for a total transaction of $541,265.76. Following the completion of the transaction, the insider now directly owns 7,498 shares of the company’s stock, valued at approximately $226,739.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $29.80, for a total value of $372,500.00. Following the transaction, the insider now directly owns 214,310 shares of the company’s stock, valued at $6,386,438. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 257,036 shares of company stock valued at $7,884,062. 1.97% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Summit Materials by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares in the last quarter. First Manhattan Co. acquired a new stake in shares of Summit Materials in the third quarter worth $160,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Summit Materials in the third quarter worth $180,000. Daiwa Securities Group Inc. acquired a new stake in shares of Summit Materials in the third quarter worth $202,000. Finally, ARP Americas LLC acquired a new stake in shares of Summit Materials in the second quarter worth $211,000.

Shares of Summit Materials (NYSE:SUM) opened at $30.20 on Friday. The firm has a market capitalization of $3,336.57, a price-to-earnings ratio of 33.44, a PEG ratio of 2.86 and a beta of 1.98. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59. Summit Materials has a one year low of $22.19 and a one year high of $32.69.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.10). The company had revenue of $634.18 million for the quarter, compared to the consensus estimate of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.73 earnings per share. research analysts anticipate that Summit Materials will post 1.02 earnings per share for the current year.

A number of equities analysts have issued reports on SUM shares. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $35.00 price target (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. BidaskClub raised Summit Materials from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 10th. SunTrust Banks set a $38.00 price objective on Summit Materials and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Finally, Bank of America raised their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $31.42.

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About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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