Decagon Asset Management LLP Buys Shares of 195,466 Summit Materials, Inc. (NYSE:SUM)

Decagon Asset Management LLP bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 195,466 shares of the construction company’s stock, valued at approximately $9,891,000. Summit Materials accounts for 3.6% of Decagon Asset Management LLP’s holdings, making the stock its 10th largest position. Decagon Asset Management LLP owned about 0.11% of Summit Materials as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SUM. Assenagon Asset Management S.A. boosted its stake in shares of Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the period. Picton Mahoney Asset Management acquired a new stake in shares of Summit Materials during the 4th quarter valued at $29,854,000. Alpine Associates Management Inc. acquired a new stake in shares of Summit Materials during the 4th quarter valued at $23,706,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after buying an additional 429,062 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Summit Materials in the 4th quarter valued at $19,188,000.

Summit Materials Stock Performance

NYSE:SUM opened at $52.54 on Wednesday. The firm’s 50-day moving average is $52.40 and its 200-day moving average is $47.66. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company 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

SUM has been the subject of several analyst reports. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. StockNews.com initiated coverage on shares of Summit Materials in a research note on Wednesday. They issued a “sell” rating for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the company from $58.00 to $52.50 in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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.