Summit Materials, Inc. (NYSE:SUM) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its holdings in Summit Materials, Inc. (NYSE:SUM) by 93.4% during the fourth quarter, Holdings Channel reports. The fund owned 505,266 shares of the construction company’s stock after selling 7,134,532 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Summit Materials were worth $25,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in Summit Materials in the fourth quarter valued at $25,000. Versant Capital Management Inc lifted its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after buying an additional 353 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials in the third quarter worth about $28,000. CoreFirst Bank & Trust acquired a new stake in Summit Materials during the fourth quarter worth about $56,000. Finally, R Squared Ltd purchased a new position in Summit Materials during the fourth quarter valued at approximately $57,000.

Summit Materials Trading Up 0.2 %

SUM stock opened at $52.54 on Monday. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07. The business’s 50-day moving average is $52.50 and its 200 day moving average is $49.04. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Analysts Set New Price Targets

Several research firms have commented on SUM. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, StockNews.com initiated coverage on shares of Summit Materials in a report on Friday. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $50.67.

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.