One68 Global Capital LLC Takes Position in Summit Materials, Inc. (NYSE:SUM)

One68 Global Capital LLC purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 248,152 shares of the construction company’s stock, valued at approximately $12,556,000. Summit Materials accounts for about 6.6% of One68 Global Capital LLC’s investment portfolio, making the stock its 5th biggest position.

Several other hedge funds also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Summit Materials in the 4th quarter worth $704,000. Franklin Resources Inc. acquired a new stake in shares of Summit Materials in the third quarter worth $7,359,000. Assenagon Asset Management S.A. boosted its position in shares of Summit Materials by 1,436.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after buying an additional 822,222 shares during the period. Tokio Marine Asset Management Co. Ltd. acquired a new stake in shares of Summit Materials in the fourth quarter worth $4,680,000. Finally, World Investment Advisors LLC acquired a new stake in shares of Summit Materials in the third quarter worth $457,000.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SUM shares. StockNews.com started coverage on Summit Materials in a research report on Monday. They issued a “sell” rating for the company. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Trading Up 0.2 %

Shares of Summit Materials stock opened at $52.54 on Wednesday. The company’s fifty day simple moving average is $52.54 and its 200-day simple moving average is $50.78. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07.

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.