Alpine Associates Management Inc. Acquires New Position in Summit Materials, Inc. (NYSE:SUM)

Alpine Associates Management Inc. bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 468,500 shares of the construction company’s stock, valued at approximately $23,706,000. Summit Materials makes up 1.4% of Alpine Associates Management Inc.’s holdings, making the stock its 24th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in shares of Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. Geode Capital Management LLC raised its position in 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 valued at $108,885,000 after purchasing an additional 9,566 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $68,419,000 after buying an additional 313,957 shares during the period. Finally, Segall Bryant & Hamill LLC grew its position in shares of Summit Materials by 6.5% during the third quarter. Segall Bryant & Hamill LLC now owns 1,547,312 shares of the construction company’s stock worth $60,392,000 after buying an additional 94,177 shares in the last quarter.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s 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 owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SUM shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Citigroup reiterated a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial restated a “hold” rating and issued a $52.50 price target (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, StockNews.com started coverage on Summit Materials in a research report on Monday, March 3rd. They set a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

SUM stock opened at $52.54 on Friday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The business has a 50 day simple moving average of $52.18 and a 200-day simple moving average of $46.98. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve month high of $54.07.

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.