Clearbridge Investments LLC Has $46.45 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Clearbridge Investments LLC trimmed its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 70.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 917,924 shares of the construction company’s stock after selling 2,163,437 shares during the quarter. Clearbridge Investments LLC owned 0.52% of Summit Materials worth $46,447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of SUM. Empowered Funds LLC acquired a new stake in Summit Materials in the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Summit Materials during the third quarter valued at $28,000. Versant Capital Management Inc boosted its stake in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Summit Materials in the 3rd quarter worth about $53,000. Finally, CoreFirst Bank & Trust acquired a new stake in shares of Summit Materials during the 4th quarter worth about $56,000.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SUM shares. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. StockNews.com started coverage on Summit Materials in a research report on Thursday, March 27th. They set a “sell” rating on the stock. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $52.54 on Wednesday. The stock has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07. The business has a 50-day moving average price of $52.48 and a two-hundred day moving average price of $48.75.

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.