Sei Investments Co. Sells 423,128 Shares of Summit Materials, Inc. (NYSE:SUM)

Sei Investments Co. trimmed its stake in Summit Materials, Inc. (NYSE:SUM) by 61.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 260,531 shares of the construction company’s stock after selling 423,128 shares during the quarter. Sei Investments Co. owned approximately 0.15% of Summit Materials worth $13,183,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SUM. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Summit Materials in the fourth quarter valued at $1,518,000. Magnetar Financial LLC acquired a new stake in Summit Materials in the fourth quarter valued at $79,094,000. Decagon Asset Management LLP bought a new position in shares of Summit Materials in the 4th quarter valued at about $9,891,000. Xponance Inc. increased its stake in shares of Summit Materials by 9.6% during the 4th quarter. Xponance Inc. now owns 8,679 shares of the construction company’s stock worth $439,000 after purchasing an additional 758 shares during the last quarter. Finally, Boston Partners bought a new stake in shares of Summit Materials in the 4th quarter valued at about $2,338,000.

Analyst Ratings Changes

A number of brokerages have weighed in on SUM. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their price target for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, StockNews.com began coverage on shares of Summit Materials in a research report on Thursday. They set a “sell” rating for the company. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials currently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Up 0.2 %

Shares of SUM opened at $52.54 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The firm’s 50 day moving average is $52.47 and its 200-day moving average is $48.37. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $54.07.

Summit Materials Company Profile

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.