Raymond James Financial Inc. Buys Shares of 379,202 Summit Materials, Inc. (NYSE:SUM)

Raymond James Financial Inc. bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 379,202 shares of the construction company’s stock, valued at approximately $19,188,000. Raymond James Financial Inc. owned approximately 0.22% of Summit Materials at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new stake in Summit Materials during the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Summit Materials in the 3rd quarter worth $28,000. Versant Capital Management Inc raised its stake in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Summit Materials in the 3rd quarter worth $53,000. Finally, R Squared Ltd bought a new stake in shares of Summit Materials in the 4th quarter worth $57,000.

Summit Materials Stock Performance

Shares of SUM stock opened at $52.54 on Monday. 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 market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The stock’s fifty day simple moving average is $52.36 and its 200-day simple moving average is $47.49.

Analyst Ratings Changes

A number of research firms have recently commented on SUM. Truist Financial reissued a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com began coverage on Summit Materials in a research note on Tuesday, March 11th. They issued a “sell” rating on the stock. Citigroup reissued a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials currently has a consensus rating of “Hold” and a consensus price target of $50.67.

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.