Rhumbline Advisers Raises Holdings in Summit Materials, Inc. (NYSE:SUM)

Rhumbline Advisers lifted its position in Summit Materials, Inc. (NYSE:SUM) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 209,094 shares of the construction company’s stock after purchasing an additional 7,510 shares during the quarter. Rhumbline Advisers owned about 0.12% of Summit Materials worth $10,580,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SUM. Versant Capital Management Inc increased its stake in 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 acquiring an additional 353 shares during the last quarter. Assetmark Inc. increased its position in Summit Materials by 6.3% in the third quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock worth $270,000 after purchasing an additional 411 shares during the last quarter. Empowered Funds LLC purchased a new stake in Summit Materials during the fourth quarter valued at $25,000. Alliance Wealth Advisors LLC UT raised its stake in Summit Materials by 3.5% during the fourth quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock valued at $924,000 after purchasing an additional 611 shares in the last quarter. Finally, KBC Group NV lifted its position in Summit Materials by 19.8% during the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after purchasing an additional 629 shares during the last quarter.

Summit Materials Stock Performance

Summit Materials stock opened at $52.54 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The stock has a fifty day moving average of $51.79 and a two-hundred day moving average of $46.06. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Insider Buying and Selling at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SUM has been the topic of several recent research reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. StockNews.com began coverage on Summit Materials in a report on Sunday. They set a “sell” rating on the stock. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Summit Materials currently has an average rating of “Hold” and a consensus target price of $50.54.

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.