Pictet Asset Management Holding SA Cuts Stock Position in Summit Materials, Inc. (NYSE:SUM)

Pictet Asset Management Holding SA decreased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 5.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,399 shares of the construction company’s stock after selling 2,363 shares during the period. Pictet Asset Management Holding SA’s holdings in Summit Materials were worth $2,196,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SUM. Vanguard Group Inc. increased its position in Summit Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock worth $626,074,000 after purchasing an additional 56,602 shares in the last quarter. Principal Financial Group Inc. grew its stake in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the period. Geode Capital Management LLC raised its position in Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after purchasing an additional 9,566 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Summit Materials by 293.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after buying an additional 1,389,955 shares during the period. Finally, Magnetar Financial LLC acquired a new position in shares of Summit Materials during the fourth quarter worth $79,094,000.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Friday. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-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. The stock has a 50 day simple moving average of $52.50 and a 200 day simple moving average of $48.91. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

Analysts Set New Price Targets

A number of research firms have commented on SUM. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Finally, StockNews.com assumed coverage on shares of Summit Materials in a research note on Friday. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Summit Materials presently has a consensus rating of “Hold” and a consensus target price 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.