Swiss National Bank Acquires 1,800 Shares of Summit Materials, Inc. (NYSE:SUM)

Swiss National Bank grew its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 241,715 shares of the construction company’s stock after purchasing an additional 1,800 shares during the period. Swiss National Bank’s holdings in Summit Materials were worth $12,231,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SUM. Moors & Cabot Inc. bought a new position in Summit Materials during the 4th quarter worth $262,000. Wealthfront Advisers LLC acquired a new stake in shares of Summit Materials during the 4th quarter worth $3,007,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Summit Materials by 5.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,516 shares of the construction company’s stock valued at $1,949,000 after buying an additional 1,842 shares during the period. AlphaQuest LLC bought a new stake in Summit Materials during the fourth quarter worth $724,000. Finally, Alpine Associates Management Inc. bought a new position in Summit Materials in the fourth quarter valued at about $23,706,000.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SUM shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and cut their target price for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, StockNews.com assumed coverage on Summit Materials in a report on Wednesday. They issued a “sell” rating for the company. One equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials Stock Performance

SUM opened at $52.54 on Thursday. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07. 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’s fifty day moving average price is $52.41 and its two-hundred day moving average price is $47.70. 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.