Congress Wealth Management LLC DE Acquires 2,358 Shares of Summit Materials, Inc. (NYSE:SUM)

Congress Wealth Management LLC DE raised its stake in shares of Summit Materials, Inc. (NYSE:SUM) by 1.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 198,713 shares of the construction company’s stock after acquiring an additional 2,358 shares during the period. Congress Wealth Management LLC DE’s holdings in Summit Materials were worth $10,055,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SUM. Magnetar Financial LLC bought a new position in Summit Materials during the fourth quarter valued at approximately $79,094,000. Assenagon Asset Management S.A. raised its stake in Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the last quarter. Picton Mahoney Asset Management bought a new position in shares of Summit Materials during the 4th quarter valued at $29,854,000. Alpine Associates Management Inc. purchased a new position in shares of Summit Materials in the 4th quarter worth $23,706,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Summit Materials in the fourth quarter worth $19,188,000.

Summit Materials Price Performance

Shares of Summit Materials stock opened at $52.54 on Tuesday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07. The stock’s 50-day simple moving average is $52.44 and its 200-day simple moving average is $48.08. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SUM shares. Citigroup reissued a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Loop Capital reaffirmed a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials 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.