Wolverine Asset Management LLC Invests $2.44 Million in Summit Materials, Inc. (NYSE:SUM)

Wolverine Asset Management LLC purchased a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 48,309 shares of the construction company’s stock, valued at approximately $2,444,000.

Other large investors have also made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in shares of Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the last quarter. River Road Asset Management LLC grew its holdings in shares of Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Summit Materials by 6.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Materials by 21.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after buying an additional 313,957 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Summit Materials during the third quarter valued at $8,045,000.

Insiders Place Their Bets

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 40,221 shares in the company, valued at $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 is available at the SEC website. Insiders own 0.55% of the company’s stock.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $52.54 on Friday. The firm has a 50-day simple moving average of $51.76 and a two-hundred day simple moving average of $45.83. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a fifty-two week low of $34.64 and a fifty-two week high of $54.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. DA Davidson upped their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials currently has a consensus rating of “Hold” and an average target price of $50.54.

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.