Is Buying Stock Like Summit Materials Inc Good Idea After Today’s Bullish Options Activity?

 Is Buying Stock Like Summit Materials Inc Good Idea After Today's Bullish Options Activity?

In today’s session Summit Materials Inc (SUM) registered an unusually high (1,010) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the November, 2016 call, expecting serious SUM increase. With 1,010 contracts traded and 26954 open interest for the Nov, 16 contract, it seems this is a quite bullish bet. The option with symbol: SUM161118C00020000 closed last at: $1.25 or 10.7% down. About 3.59 million shares traded hands or 165.93% up from the average. Summit Materials Inc (NYSE:SUM) has risen 14.49% since April 8, 2016 and is uptrending. It has outperformed by 8.84% the S&P500.

Summit Materials Inc (NYSE:SUM) Ratings Coverage

Out of 7 analysts covering Summit Materials (NYSE:SUM), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $32 is the highest target while $20 is the lowest. The $26.43 average target is 11.10% above today’s ($23.79) stock price. Summit Materials has been the topic of 15 analyst reports since August 17, 2015 according to StockzIntelligence Inc. The stock of Summit Materials Inc (NYSE:SUM) has “Outperform” rating given on Wednesday, November 4 by RBC Capital Markets. The rating was upgraded by DA Davidson to “Buy” on Monday, August 17. The stock of Summit Materials Inc (NYSE:SUM) earned “Buy” rating by Citigroup on Monday, April 18. The firm has “Buy” rating given on Thursday, October 8 by Bank of America. The company was downgraded on Tuesday, October 11 by Goldman Sachs. As per Thursday, November 3, the company rating was maintained by RBC Capital Markets. Goldman Sachs upgraded the stock to “Buy” rating in Friday, October 2 report. The rating was maintained by Barclays Capital on Tuesday, March 22 with “Equal-Weight”. The stock of Summit Materials Inc (NYSE:SUM) earned “Neutral” rating by Citigroup on Tuesday, August 18. The stock has “Buy” rating given by RBC Capital Markets on Friday, August 28.

According to Zacks Investment Research, “Summit Materials, Inc. is a construction material company. The company supplies aggregates, cement, ready-mix concrete and asphalt primarily in the United States and western Canada. Summit Materials, Inc. is headquartered in Denver, Colorado.”

Summit Materials, Inc. is a construction materials company. The company has a market cap of $2.71 billion. The Firm operates through three divisions: the west segment, which includes activities in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana. It has a 28.44 P/E ratio. It supplies aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in the West segment, and aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in east segment.

SUM Company Profile

Summit Materials, Inc., incorporated on September 23, 2014, is a construction materials company. The Firm operates through three divisions: West, Central and East. The Firm has activities in approximately 20 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the country, with a focus on Texas, Kansas, Utah, Missouri and Kentucky, and cement, which it supplies primarily in Missouri, Iowa and along the Mississippi River. Within the Company’s markets, it offers construction materials and related downstream products. In addition to the supply of aggregates to its customers, the Company also uses its materials internally to produce ready-mixed concrete and asphalt paving mix. The Company’s construction materials activities consist of aggregates production, including crushed stone and construction sand and gravel, cement and ready-mixed concrete production and asphalt paving mix production.

More news for Summit Materials Inc (NYSE:SUM) were recently published by: Businesswire.com, which released: “Summit Materials Prices Secondary Offering of Common Stock” on November 10, 2016. Businesswire.com‘s article titled: “Summit Materials, Inc. Reports Third Quarter 2016 Results” and published on November 02, 2016 is yet another important article.

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