Summit Materials, Inc. (NYSE:SUM) Stock Holdings Trimmed by Wells Fargo & Company MN

Wells Fargo & Company MN lessened its position in shares of Summit Materials, Inc. (NYSE:SUM) by 32.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 265,051 shares of the construction company’s stock after selling 127,150 shares during the period. Wells Fargo & Company MN owned about 0.15% of Summit Materials worth $13,412,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Magnetar Financial LLC bought a new position in Summit Materials during the fourth quarter worth $79,094,000. Norges Bank bought a new position in shares of Summit Materials in the 4th quarter worth about $71,315,000. JPMorgan Chase & Co. boosted its holdings in shares of Summit Materials by 293.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after buying an additional 1,389,955 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of 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 valued at $44,501,000 after buying an additional 822,222 shares during the period. Finally, Highbridge Capital Management LLC bought a new stake in shares of Summit Materials during the 4th quarter valued at about $38,078,000.

Summit Materials Stock Up 0.2 %

SUM stock opened at $52.54 on Tuesday. The firm’s 50-day moving average is $52.54 and its two-hundred day moving average is $49.73. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week 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.

Analyst Upgrades and Downgrades

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

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.