59,435 Shares in Summit Materials, Inc. (NYSE:SUM) Acquired by Wealthfront Advisers LLC

Wealthfront Advisers LLC bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, Holdings Channel reports. The firm bought 59,435 shares of the construction company’s stock, valued at approximately $3,007,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SUM. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Summit Materials during the 4th quarter worth $704,000. Franklin Resources Inc. acquired a new stake in Summit Materials in the 3rd quarter valued at approximately $7,359,000. Assenagon Asset Management S.A. lifted its holdings in shares of Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after buying an additional 822,222 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Summit Materials by 3.8% in 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 valued at $11,230,000 after acquiring an additional 10,463 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in Summit Materials by 3.9% during the third quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after acquiring an additional 27,225 shares during the period.

Analysts Set New Price Targets

A number of analysts have weighed in on SUM shares. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $52.50 price target (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. StockNews.com assumed coverage on Summit Materials in a report on Tuesday. They issued a “sell” rating for the company. Finally, Truist Financial restated a “hold” rating and set a $52.50 price objective (down from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Summit Materials has a consensus rating of “Hold” and an average price target of $50.54.

Summit Materials Stock Performance

Summit Materials stock opened at $52.54 on Friday. The firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The stock has a fifty day moving average price of $52.33 and a two-hundred day moving average price of $47.29. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $54.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

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.