Advisors Asset Management Inc. Grows Stock Position in Summit Materials, Inc. (NYSE:SUM)

Advisors Asset Management Inc. raised its position in shares of Summit Materials, Inc. (NYSE:SUM) by 18.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,937 shares of the construction company’s stock after acquiring an additional 19,669 shares during the period. Advisors Asset Management Inc.’s holdings in Summit Materials were worth $6,474,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SUM. Empowered Funds LLC bought a new position in Summit Materials during the 4th quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Summit Materials during the third quarter valued at approximately $28,000. Versant Capital Management Inc grew its stake in shares of Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Summit Materials in the third quarter worth approximately $53,000. Finally, R Squared Ltd bought a new stake in shares of Summit Materials during the 4th quarter worth approximately $57,000.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of recent analyst reports. Truist Financial reiterated a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Loop Capital reiterated a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Citigroup reaffirmed a “neutral” rating and set a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.67.

Summit Materials Price Performance

Shares of SUM stock opened at $52.54 on Wednesday. The stock’s 50-day moving average is $52.40 and its 200 day moving average is $47.66. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

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.