Assetmark Inc. Sells 3,326 Shares of Summit Materials, Inc. (NYSE:SUM)

Assetmark Inc. trimmed its stake in Summit Materials, Inc. (NYSE:SUM) by 48.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,587 shares of the construction company’s stock after selling 3,326 shares during the period. Assetmark Inc.’s holdings in Summit Materials were worth $182,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Assenagon Asset Management S.A. boosted its holdings in Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after acquiring an additional 822,222 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Summit Materials during the 3rd quarter valued at $8,045,000. Finally, Franklin Resources Inc. purchased a new position in Summit Materials during the 3rd quarter valued at $7,359,000.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Loop Capital reaffirmed a “hold” rating and set a $52.50 target price (down from $54.00) 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. Truist Financial reaffirmed a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $52.54 on Friday. The business has a 50 day simple moving average of $52.33 and a two-hundred day simple moving average of $47.29. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $54.07. 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 debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Summit Materials 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.