Water Island Capital LLC Invests $19.48 Million in Summit Materials, Inc. (NYSE:SUM)

Water Island Capital LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 384,888 shares of the construction company’s stock, valued at approximately $19,475,000. Summit Materials makes up about 2.1% of Water Island Capital LLC’s holdings, making the stock its 17th largest position. Water Island Capital LLC owned about 0.22% of Summit Materials as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of SUM. Empowered Funds LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth approximately $25,000. Versant Capital Management Inc boosted its stake 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 during the last quarter. CoreFirst Bank & Trust acquired a new stake in Summit Materials during the 4th quarter worth $56,000. R Squared Ltd purchased a new stake in shares of Summit Materials during the fourth quarter worth $57,000. Finally, Covestor Ltd raised its position in shares of Summit Materials by 207.7% in the fourth quarter. Covestor Ltd now owns 1,831 shares of the construction company’s stock valued at $93,000 after buying an additional 1,236 shares during the last quarter.

Analyst Ratings Changes

A number of research firms recently weighed in on SUM. StockNews.com started coverage on shares of Summit Materials in a research report on Saturday. They set a “sell” rating on the stock. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $52.50 in a 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 company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.67.

Summit Materials Price Performance

SUM stock opened at $52.54 on Friday. The stock has a market cap of $9.23 billion, a price-to-earnings 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 business has a fifty day moving average of $52.53 and a two-hundred day moving average of $49.56. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

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.