Massachusetts Financial Services Co. MA Sells 7,134,532 Shares of Summit Materials, Inc. (NYSE:SUM)

Massachusetts Financial Services Co. MA lowered its position in Summit Materials, Inc. (NYSE:SUM) by 93.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 505,266 shares of the construction company’s stock after selling 7,134,532 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.29% of Summit Materials worth $25,566,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC purchased a new position in shares of Summit Materials during the fourth quarter valued at $25,000. Versant Capital Management Inc increased its position in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Summit Materials in the 3rd quarter valued at about $28,000. CoreFirst Bank & Trust purchased a new stake in shares of Summit Materials in the 4th quarter worth approximately $56,000. Finally, R Squared Ltd bought a new position in shares of Summit Materials during the fourth quarter valued at approximately $57,000.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $52.54 on Monday. The firm’s 50 day simple moving average is $52.50 and its two-hundred day simple moving average is $49.04. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62.

Analysts Set New Price Targets

A number of analysts have weighed in on SUM shares. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. StockNews.com initiated coverage on Summit Materials in a research report on Friday. They issued a “sell” rating for the company. Finally, Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $50.67.

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.