Cinctive Capital Management LP Takes Position in Summit Materials, Inc. (NYSE:SUM)

Cinctive Capital Management LP bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 580,000 shares of the construction company’s stock, valued at approximately $29,348,000. Summit Materials comprises 1.5% of Cinctive Capital Management LP’s portfolio, making the stock its 8th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SUM. Empowered Funds LLC bought a new position in shares of Summit Materials during the 4th quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Summit Materials during the third quarter valued at approximately $28,000. Versant Capital Management Inc boosted its holdings in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after buying an additional 353 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Summit Materials in the third quarter worth approximately $53,000. Finally, CoreFirst Bank & Trust bought a new position in shares of Summit Materials in the fourth quarter valued at $56,000.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SUM. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. StockNews.com started coverage on Summit Materials in a report on Thursday, March 27th. They set a “sell” rating for the company. Finally, Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials Price Performance

NYSE SUM opened at $52.54 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a 50 day simple moving average of $52.48 and a 200-day simple moving average of $48.75. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $54.07.

About Summit Materials

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.