Alberta Investment Management Corp Boosts Stock Position in Summit Materials, Inc. (NYSE:SUM)

Alberta Investment Management Corp grew its position in Summit Materials, Inc. (NYSE:SUM) by 153.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 200,000 shares of the construction company’s stock after purchasing an additional 120,950 shares during the quarter. Alberta Investment Management Corp’s holdings in Summit Materials were worth $10,120,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock worth $298,181,000 after buying an additional 429,062 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% in the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after buying an additional 94,694 shares during the period. River Road Asset Management LLC lifted its holdings in shares of Summit Materials by 15.9% in the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock worth $139,257,000 after buying an additional 488,688 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock worth $68,419,000 after buying an additional 313,957 shares during the period.

Summit Materials Trading Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Thursday. The business’s 50-day moving average is $51.69 and its 200 day moving average is $45.74. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Analyst Ratings Changes

Several brokerages have weighed in on SUM. StockNews.com began coverage on Summit Materials in a report on Saturday, February 15th. They issued a “sell” rating for the company. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $45.00 to $52.00 in a research note on Tuesday, October 29th. 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 note on Tuesday, November 26th. Loop Capital restated a “hold” rating and set a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.54.

Insider Activity

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now directly owns 40,221 shares of the company’s stock, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

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.