Pictet Asset Management Holding SA Sells 2,363 Shares of Summit Materials, Inc. (NYSE:SUM)

Pictet Asset Management Holding SA cut its holdings in Summit Materials, Inc. (NYSE:SUM) by 5.2% during the 4th quarter, HoldingsChannel reports. The fund owned 43,399 shares of the construction company’s stock after selling 2,363 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Summit Materials were worth $2,196,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. FMR LLC boosted its stake in Summit Materials by 18.4% in the third quarter. FMR LLC now owns 47,283 shares of the construction company’s stock valued at $1,845,000 after buying an additional 7,350 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Summit Materials by 9.3% in the third quarter. BNP Paribas Financial Markets now owns 30,731 shares of the construction company’s stock valued at $1,199,000 after acquiring an additional 2,625 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Summit Materials by 3.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after buying an additional 10,463 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Summit Materials in the 3rd quarter worth about $28,000. Finally, Holocene Advisors LP lifted its stake in Summit Materials by 23.2% in the third quarter. Holocene Advisors LP now owns 92,397 shares of the construction company’s stock valued at $3,606,000 after buying an additional 17,404 shares during the period.

Summit Materials Stock Up 0.2 %

Shares of NYSE SUM opened at $52.54 on Friday. The stock has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07. The firm’s 50 day simple moving average is $52.50 and its two-hundred day simple moving average is $48.91.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SUM. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, StockNews.com began coverage on shares of Summit Materials in a report on Friday. They set a “sell” rating for the company. One research 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, Summit Materials currently has a consensus rating of “Hold” and a consensus target price 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.