Friday, January 15, 2021

Market cap of Summit Materials Inc. [SUM] reaches 2.19B – now what?

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Summit Materials Inc. [NYSE: SUM] gained 6.30% or 1.17 points to close at $19.75 with a heavy trading volume of 1842429 shares. The company report on July 28, 2020 that Summit Materials Announces Pricing of $700 Million of 5.25% Senior Notes Due 2029.

Summit Materials, Inc. (NYSE: SUM, “Summit”) announced today that its indirect subsidiaries Summit Materials, LLC and Summit Materials Finance Corp. (the “Issuers”, and, together with Summit, the “Company”) finalized the terms of the previously announced offering of $700.0 million aggregate principal amount of Senior Notes due 2029 (the “notes”). Summit anticipates that consummation of the offering will occur on August 11, 2020, subject to customary closing conditions. The Company intends to use the proceeds from the offering to redeem all $650.0 million in aggregate principal amount of its outstanding 6.125% Senior Notes due 2023 (the “2023 Notes”) and to pay fees and expenses incurred in connection with the offering and the redemption of the 2023 Notes. Any remaining net proceeds will be used for general corporate purposes, including to finance acquisitions.


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The notes offered have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered, by the initial purchasers, only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.

It opened the trading session at $18.99, the shares rose to $19.88 and dropped to $18.90, the range by which the price of stock traded the whole day. The daily chart for SUM points out that the company has recorded 23.67% gains over the past six months. However, it is still -162.98% lower than its most recent low trading price.

If we look at the average trading volume of 1.27M shares, SUM reached to a volume of 1842429 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Summit Materials Inc. [SUM]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SUM shares is $21.56 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SUM stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Summit Materials Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on August 06, 2020. The new note on the price target was released on July 23, 2020, representing the official price target for Summit Materials Inc. stock. On April 30, 2020, analysts decreased their price target for SUM shares from 18 to 17.

The Average True Range (ATR) for Summit Materials Inc. is set at 0.87, with the Price to Sales ratio for SUM stock in the period of the last 12 months amounting to 0.96. The Price to Book ratio for the last quarter was 1.56, with the Price to Cash per share for the same quarter was set at 2.29. Price to Free Cash Flow for SUM in the course of the last twelve months was 10.66 with Quick ratio for the last quarter at 1.80.

Trading performance analysis for SUM stock

Summit Materials Inc. [SUM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 17.84. With this latest performance, SUM shares gained by 29.42% in over the last four-week period, additionally plugging by 23.67% over the last 6 months – not to mention a drop of -15.35% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SUM stock in for the last two-week period is set at 72.02, with the RSI for the last a single of trading hit 79.17, and the three-weeks RSI is set at 67.26 for Summit Materials Inc. [SUM]. The present Moving Average for the last 50 days of trading for this stock 16.25, while it was recorded at 18.31 for the last single week of trading, and 17.07 for the last 200 days.

Summit Materials Inc. [SUM]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Summit Materials Inc. [SUM] shares currently have an operating margin of +9.23 and a Gross Margin at +21.54. Summit Materials Inc.’s Net Margin is presently recorded at +2.66.

Return on Total Capital for SUM is now 6.25, given the latest momentum, and Return on Invested Capital for the company is 1.82. Return on Equity for this stock inclined to 4.29, with Return on Assets sitting at 1.49. When it comes to the capital structure of this company, Summit Materials Inc. [SUM] has a Total Debt to Total Equity ratio set at 136.56. Additionally, SUM Total Debt to Total Capital is recorded at 57.73, with Total Debt to Total Assets ending up at 47.92. Long-Term Debt to Equity for the company is recorded at 134.29, with the Long-Term Debt to Total Capital now at 56.77.

Reflecting on the efficiency of the workforce at the company, Summit Materials Inc. [SUM] managed to generate an average of $9,844 per employee. Receivables Turnover for the company is 8.90 with a Total Asset Turnover recorded at a value of 0.56.Summit Materials Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.80 and a Current Ratio set at 2.40.

Summit Materials Inc. [SUM]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Summit Materials Inc. posted 0.5/share EPS, while the average EPS was predicted by analysts to be reported at 0.72/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -30.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SUM. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Summit Materials Inc. go to 7.00%.

An analysis of insider ownership at Summit Materials Inc. [SUM]

There are presently around $2,420 million, in the hands of institutional investors. The top three institutional holders of SUM stocks are: FMR LLC with ownership of 13,668,248, which is approximately 40.852% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 10,510,992 shares of the stock with an approximate value of $207.59 million in SUM stocks shares; and BLACKROCK INC., currently with $176.03 million in SUM stock with ownership of nearly 2.666% of the company’s market capitalization.

Positions in Summit Materials Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 99 institutional holders increased their position in Summit Materials Inc. [NYSE:SUM] by around 14,063,146 shares. Additionally, 95 investors decreased positions by around 13,393,307 shares, while 25 investors held positions by with 95,062,762 shares. The mentioned changes placed institutional holdings at 122,519,215 shares, according to the latest SEC report filing. SUM stock had 31 new institutional investments in for a total of 1,822,016 shares, while 37 institutional investors sold positions of 3,027,874 shares during the same period.

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