Summit Materials (SUM): Price Target and June Short Interest Disclosure

Summit Materials (SUM) has been rated by 7 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $30 and the lowest price target forecast is $23. The average forecast of all the analysts is $26.71 and the expected standard deviation is $2.81.

Summit Materials (SUM) has shown a rise of 33.1% or 1,141,438 shares in the short positions. The bets have increased to 4,592,490 shares on June 30,2016 from 3,451,052 shares on June 15,2016. With respect to the floated shares, the shorts are 7.3%. The days to cover are calculated to be 4, using the standard per day volume of 1,189,883 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.

Also, Equity Analysts at the Brokerage Firm, Citigroup, maintains their rating on the shares of Summit Materials (NYSE:SUM). Citigroup has a Buy rating on the shares. As per the latest research report, the brokerage house raises the price target to $24 per share from a prior target of $21. The rating by the firm was issued on April 18, 2016.


Summit Materials (NYSE:SUM): On Thursdays trading session , Opening price of the stock was $20.92 with an intraday high of $21.54. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $20.8. However, the stock managed to close at $21.3, a loss of 1.66% for the day. On the previous day, the stock had closed at $21.66. The total traded volume of the day was 6,083,339 shares.

Summit Materials, Inc. is a construction material company. The Company offers construction materials and related downstream products. The Companys materials include aggregates, which it supplies across the country, with a focus on Texas, Kansas, Kentucky, Utah and Missouri and cement, which the Company supplies in Missouri, Iowa and Illinois. In addition to supplying aggregates, it uses its materials to produce ready-mixed concrete and asphalt paving mix. The Company operates through three segments: West, Central and East. The Companys West region includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming and in British Columbia, Canada. The Companys Central region extends across the Midwestern United States, including Kansas, Missouri, Nebraska, Iowa and Illinois. The Companys East region serves markets in Kentucky, South Carolina, North Carolina, Tennessee and Virginia.

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