Skandinaviska Enskilda Banken AB publ Buys New Holdings in Summit Materials, Inc. (NYSE:SUM)

Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,000 shares of the construction company’s stock, valued at approximately $506,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new stake in Summit Materials during the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Summit Materials during the 3rd quarter valued at $28,000. Versant Capital Management Inc lifted its holdings in shares of Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Summit Materials during the 3rd quarter worth $53,000. Finally, R Squared Ltd acquired a new stake in Summit Materials in the 4th quarter valued at $57,000.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $52.54 on Tuesday. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The stock has a fifty day moving average price of $52.39 and a two-hundred day moving average price of $47.58. The firm has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SUM. Citigroup reaffirmed a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. StockNews.com initiated coverage on shares of Summit Materials in a report on Tuesday, March 11th. They set a “sell” rating for the company. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One equities 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. Based on data from MarketBeat, the company 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.