ABC Arbitrage SA Invests $5.43 Million in Summit Materials, Inc. (NYSE:SUM)

ABC Arbitrage SA acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, Holdings Channel reports. The firm acquired 107,312 shares of the construction company’s stock, valued at approximately $5,430,000. Summit Materials makes up approximately 0.8% of ABC Arbitrage SA’s portfolio, making the stock its 26th biggest holding.

Several other large investors also recently added to or reduced their stakes in SUM. Empowered Funds LLC purchased a new stake in shares of Summit Materials in the 4th quarter valued at about $25,000. Alliance Wealth Advisors LLC UT increased its position in shares of Summit Materials by 3.5% in the fourth quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock worth $924,000 after purchasing an additional 611 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. purchased a new stake in Summit Materials in the fourth quarter valued at approximately $4,680,000. Hunter Associates Investment Management LLC lifted its position in Summit Materials by 1.0% during the fourth quarter. Hunter Associates Investment Management LLC now owns 77,709 shares of the construction company’s stock valued at $3,932,000 after purchasing an additional 746 shares during the last quarter. Finally, R Squared Ltd purchased a new position in Summit Materials in the 4th quarter worth approximately $57,000.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of Summit Materials stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.55% of the stock is owned by company insiders.

Summit Materials Price Performance

SUM stock opened at $52.54 on Friday. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The firm’s 50-day moving average price is $51.59 and its two-hundred day moving average price is $45.41. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07.

Analysts Set New Price Targets

SUM has been the topic of several research reports. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and lowered their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Longbow Research restated 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 research note on Saturday. They set a “sell” rating for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Finally, DA Davidson boosted their target price on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.54.

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.