Proficio Capital Partners LLC Takes $1.88 Million Position in Summit Materials, Inc. (NYSE:SUM)

Proficio Capital Partners LLC acquired a new stake in Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 37,191 shares of the construction company’s stock, valued at approximately $1,882,000.

Several other hedge funds have also added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Summit Materials in the fourth quarter worth about $704,000. Franklin Resources Inc. acquired a new position in shares of Summit Materials in the 3rd quarter valued at approximately $7,359,000. Assenagon Asset Management S.A. increased its stake 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 worth $44,501,000 after purchasing an additional 822,222 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Summit Materials by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after purchasing an additional 10,463 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after buying an additional 27,225 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SUM shares. Loop Capital reiterated a “hold” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, Truist Financial reiterated a “hold” rating and set a $52.50 price objective (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. One 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. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Price Performance

NYSE:SUM opened at $52.54 on Thursday. The stock has a market capitalization of $9.23 billion, a PE 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 firm has a fifty day simple moving average of $52.41 and a 200 day simple moving average of $47.70. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

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.