Assenagon Asset Management S.A. Boosts Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Assenagon Asset Management S.A. lifted its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 1,436.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 879,466 shares of the construction company’s stock after buying an additional 822,222 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Summit Materials were worth $44,501,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Graypoint LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth $470,000. Versant Capital Management Inc lifted its holdings in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Summit Materials during the 3rd quarter valued at about $203,000. Finally, Franklin Resources Inc. bought a new stake in shares of Summit Materials during the third quarter valued at about $7,359,000.

Analyst Ratings Changes

SUM has been the subject of a number of analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price target (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson lifted their price objective on Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Truist Financial reiterated a “hold” rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Up 0.1 %

Shares of SUM opened at $52.17 on Friday. Summit Materials, Inc. has a 1 year low of $34.38 and a 1 year high of $53.49. 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 stock has a 50 day simple moving average of $50.63 and a two-hundred day simple moving average of $43.34. The firm has a market cap of $9.16 billion, a P/E ratio of 63.63 and a beta of 1.14.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a net margin of 3.92% and a return on equity of 6.90%. The firm’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 EPS. On average, analysts forecast that Summit Materials, Inc. will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.55% of the company’s stock.

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.