FIL Ltd Invests $95.13 Million in Summit Materials, Inc. (NYSE:SUM)

FIL Ltd acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,880,000 shares of the construction company’s stock, valued at approximately $95,128,000. FIL Ltd owned approximately 1.07% of Summit Materials as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its holdings in Summit Materials by 18.4% in the third quarter. FMR LLC now owns 47,283 shares of the construction company’s stock valued at $1,845,000 after buying an additional 7,350 shares during the period. iA Global Asset Management Inc. bought a new position in shares of Summit Materials in the third quarter valued at approximately $313,000. Y Intercept Hong Kong Ltd purchased a new position in Summit Materials during the 3rd quarter worth $838,000. Barclays PLC grew its position in Summit Materials by 222.4% in the 3rd quarter. Barclays PLC now owns 211,442 shares of the construction company’s stock worth $8,252,000 after purchasing an additional 145,858 shares in the last quarter. Finally, Geode Capital Management LLC boosted 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 worth $108,885,000 after purchasing an additional 9,566 shares during the last quarter.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $52.54 on Thursday. The company has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07. The stock’s fifty day moving average is $52.52 and its two-hundred day moving average is $49.36. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Wall Street Analysts Forecast Growth

SUM has been the topic of several research reports. StockNews.com assumed coverage on Summit Materials in a research note on Friday, April 4th. They issued a “sell” rating on the stock. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and reduced their target price for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Summit Materials currently has an average rating of “Hold” and a consensus price target 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.