Barclays PLC lowered its stake in shares of Summit Materials Inc (NYSE:SUM) by 53.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,626 shares of the construction company’s stock after selling 49,891 shares during the quarter. Barclays PLC’s holdings in Summit Materials were worth $529,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of SUM. Vanguard Group Inc boosted its stake in shares of Summit Materials by 2.6% in the 3rd quarter. Vanguard Group Inc now owns 10,023,710 shares of the construction company’s stock valued at $182,230,000 after purchasing an additional 253,306 shares during the last quarter. Lockheed Martin Investment Management Co. bought a new position in shares of Summit Materials in the 4th quarter valued at about $1,061,000. Crestline Management LP bought a new position in shares of Summit Materials in the 3rd quarter valued at about $3,757,000. Clearbridge Investments LLC boosted its stake in shares of Summit Materials by 12.5% in the 3rd quarter. Clearbridge Investments LLC now owns 1,791,576 shares of the construction company’s stock valued at $32,571,000 after purchasing an additional 199,491 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Summit Materials in the 3rd quarter valued at about $744,000.
Summit Materials stock opened at $15.81 on Tuesday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.45 and a current ratio of 2.27. The company has a market cap of $1.75 billion, a P/E ratio of 105.40, a PEG ratio of 1.69 and a beta of 1.90. Summit Materials Inc has a fifty-two week low of $11.25 and a fifty-two week high of $31.36.
SUM has been the topic of several recent research reports. Scotiabank reaffirmed a “hold” rating on shares of Summit Materials in a research note on Thursday, February 14th. Zacks Investment Research raised shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Wednesday, March 20th. Stifel Nicolaus reissued a “buy” rating and set a $23.00 price objective on shares of Summit Materials in a research note on Wednesday, December 19th. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research note on Thursday, March 21st. They set a “neutral” rating and a $19.00 price objective on the stock. Finally, Berenberg Bank initiated coverage on shares of Summit Materials in a research note on Wednesday, April 3rd. They set a “hold” rating and a $18.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Summit Materials currently has an average rating of “Hold” and an average target price of $21.82.
In related news, CEO Thomas W. Hill bought 31,250 shares of the company’s stock in a transaction on Friday, February 15th. The shares were purchased at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the acquisition, the chief executive officer now owns 135,652 shares of the company’s stock, valued at approximately $2,204,345. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.50% of the company’s stock.
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Summit Materials Profile
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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