FIL Ltd Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

FIL Ltd purchased a new position in Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,880,000 shares of the construction company’s stock, valued at approximately $95,128,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Summit Materials by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock worth $626,074,000 after acquiring an additional 56,602 shares during 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 worth $206,445,000 after acquiring an additional 94,694 shares in the last quarter. Geode Capital Management LLC raised its holdings in Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after purchasing an additional 9,566 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Summit Materials by 293.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after acquiring an additional 1,389,955 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in Summit Materials during the 4th quarter worth approximately $79,094,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SUM shares. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the company from $58.00 to $52.50 in a research report on Monday, December 16th. StockNews.com assumed coverage on shares of Summit Materials in a report on Friday, April 4th. They issued a “sell” rating on the stock. Finally, Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Performance

SUM stock opened at $52.54 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07. The firm has a 50 day simple moving average of $52.52 and a 200 day simple moving average of $49.36. The stock has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

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.