Summit Materials, Inc. (NYSE:SUM) Holdings Lifted by Vanguard Group Inc.

Vanguard Group Inc. increased its holdings in Summit Materials, Inc. (NYSE:SUM) by 0.5% in the 4th quarter, Holdings Channel reports. The fund owned 12,373,001 shares of the construction company’s stock after purchasing an additional 56,602 shares during the period. Vanguard Group Inc. owned approximately 0.07% of Summit Materials worth $626,074,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. KLP Kapitalforvaltning AS acquired a new position in shares of Summit Materials in the 4th quarter valued at about $1,257,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Summit Materials during the fourth quarter valued at approximately $1,518,000. Magnetar Financial LLC acquired a new position in Summit Materials in the 4th quarter valued at approximately $79,094,000. Decagon Asset Management LLP purchased a new stake in Summit Materials in the 4th quarter worth approximately $9,891,000. Finally, Xponance Inc. boosted 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 valued at $439,000 after buying an additional 758 shares during the period.

Summit Materials Price Performance

NYSE SUM opened at $52.54 on Monday. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. 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 company has a fifty day simple moving average of $52.47 and a 200 day simple moving average of $48.54.

Analysts Set New Price Targets

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

About Summit Materials

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.