Beacon Pointe Advisors LLC Invests $10.55 Million in Summit Materials, Inc. (NYSE:SUM)

Beacon Pointe Advisors LLC acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 208,431 shares of the construction company’s stock, valued at approximately $10,547,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Tudor Investment Corp ET AL purchased a new position in shares of Summit Materials in the 4th quarter worth approximately $6,578,000. Boothbay Fund Management LLC acquired a new stake in Summit Materials in the 4th quarter worth approximately $1,366,000. Susquehanna Fundamental Investments LLC acquired a new stake in Summit Materials in the 4th quarter worth approximately $3,674,000. Westchester Capital Management LLC acquired a new stake in Summit Materials in the 4th quarter worth approximately $41,263,000. Finally, Voya Investment Management LLC boosted its stake in Summit Materials by 1.1% in the 4th quarter. Voya Investment Management LLC now owns 571,384 shares of the construction company’s stock worth $28,912,000 after purchasing an additional 5,940 shares in the last quarter.

Summit Materials Price Performance

NYSE:SUM opened at $52.54 on Tuesday. The firm’s fifty day moving average is $52.54 and its two-hundred day moving average is $50.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SUM. StockNews.com began coverage on shares of Summit Materials in a research note on Monday. They issued a “sell” rating for the company. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average 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.