Decagon Asset Management LLP Invests $9.89 Million in Summit Materials, Inc. (NYSE:SUM)

Decagon Asset Management LLP bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 195,466 shares of the construction company’s stock, valued at approximately $9,891,000. Summit Materials makes up 3.6% of Decagon Asset Management LLP’s portfolio, making the stock its 10th largest position.

Several other institutional investors have also made changes to their positions in the business. Massachusetts Financial Services Co. MA boosted its position 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 acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Summit Materials by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock valued at $108,885,000 after acquiring an additional 9,566 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Summit Materials by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its position in shares of Summit Materials by 6.5% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock valued at $60,392,000 after acquiring an additional 94,177 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have recently weighed in on SUM shares. Citigroup reiterated a “neutral” rating and set a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Truist Financial restated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Summit Materials presently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Price Performance

Shares of SUM stock opened at $52.54 on Wednesday. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The firm’s 50 day moving average is $52.40 and its 200-day moving average is $47.66. The firm has a market capitalization 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 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.