Summit Materials Inc (NYSE: SUM) stock fell -1.60% on Monday to $33.81 against a previous-day closing price of $34.36. With 0.56 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.22 million shares. During the session, the Building Materials company that operates in wider Basic Materials sector, reached to the highest price of $34.36 whereas the lowest price it dropped to was $33.73. The 52-week range on SUM shows that it touched its highest point at $39.56 and its lowest point at $25.43 during that stretch. It currently has a 1-year price target of $42.84. Beta for the stock currently stands at 1.37.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SUM was up-trending over the past week, with a rise of 1.14%, but this was down by -3.21% over a month. Three-month performance dropped to -6.01% while six-month performance rose 4.55%. The stock gained 20.69% in the past year, while it has gained 19.09% so far this year. A look at the trailing 12-month EPS for SUM yields 2.61 with Next year EPS estimates of 1.76. For the next quarter, that number is 0.27. This implies an EPS growth rate of 18.93% for this year and 16.30% for next year. EPS is expected to grow by 18.40% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 15.63%.
Float and Shares Shorts:
At present, 119.46 million SUM shares are outstanding with a float of 118.78 million shares on hand for trading. On Oct 30, 2023, short shares totaled 4.27 million, which was 3.57% higher than short shares on Sep 28, 2023. In addition to Ms. Anne P. Noonan as the firm’s President, CEO & Director, Mr. Christopher Burke Gaskill serves as its Executive VP, Chief Legal Officer & Secretary.
Institutional Ownership:
Through their ownership of 105.44% of SUM’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 69.16% of SUM, in contrast to 32.94% held by mutual funds. Shares owned by individuals account for 23.63%. As the largest shareholder in SUM with 9.86% of the stake, The Vanguard Group, Inc. holds 11,720,120 shares worth 11,720,120. A second-largest stockholder of SUM, BlackRock Fund Advisors, holds 8,356,374 shares, controlling over 7.03% of the firm’s shares. Dimensional Fund Advisors LP is the third largest shareholder in SUM, holding 5,536,627 shares or 4.66% stake. With a 3.13% stake in SUM, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,721,123 shares are owned by the mutual fund manager. The T Rowe Price Mid Cap Value Fund, which owns about 2.64% of SUM stock, is the second-largest Mutual Fund holder. It holds 3,142,542 shares valued at 103.39 million. Vanguard Small Cap Index Fund holds 2.58% of the stake in SUM, owning 3,066,478 shares worth 100.89 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SUM since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SUM analysts setting a high price target of $50.00 and a low target of $39.00, the average target price over the next 12 months is $42.84. Based on these targets, SUM could surge 47.89% to reach the target high and rise by 15.35% to reach the target low. Reaching the average price target will result in a growth of 26.71% from current levels.
Summary of Insider Activity:
Insiders traded SUM stock several times over the past three months with 3 Buys and 1 Sells. In these transactions, 59,713 shares were bought while 2,780 shares were sold. The number of buy transactions has increased to 23 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 252,124 while 67,092 shares were sold.
