Shares of Summit Materials Inc. Class A (NYSE:SUM) traded today at $34.14, eclipsing its 52-week high. This new high was reached on below average trading volume as 440,000 shares traded hands, while the average 30-day volume is approximately 1.1 million shares.
Summit Materials Inc. Class A (NYSE:SUM) is currently priced 17.9% above its average consensus analyst price target of $27.96.
Summit Materials is a top-10 aggregates supplier and top-15 cement producer in the U.S. Founded as a roll-up strategy in 2009, the company has grown through a very active acquisition strategy. While cement and aggregates constituted about 35% of the firm’s revenue in 2020, these higher-margin businesses constituted nearly 55% of gross profit. Summit’s downstream businesses and services include asphalt, ready-mix concrete, and paving. While these constitute about 65% of revenue, their lower margins lead to gross profit contribution of roughly 45%.
In the past 52 weeks, shares of Summit Materials Inc. Class A have traded between a low of $10.37 and a high of $34.14 and is now at $34.07, which is 229% above that low price.
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