162,986 Shares in Summit Materials, Inc. (NYSE:SUM) Purchased by Vestcor Inc

Vestcor Inc acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 162,986 shares of the construction company’s stock, valued at approximately $8,247,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Summit Materials in the 4th quarter worth about $704,000. Franklin Resources Inc. purchased a new stake in Summit Materials in the 3rd quarter worth about $7,359,000. Assenagon Asset Management S.A. raised its position in Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after purchasing an additional 822,222 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Summit Materials by 3.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after purchasing an additional 10,463 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of Summit Materials by 3.9% during the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the period.

Wall Street Analyst Weigh In

SUM has been the topic of a number of research reports. Citigroup reaffirmed a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Thursday. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve month high of $54.07. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $52.30 and a two-hundred day moving average of $47.25.

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.