Summit Materials, Inc. (NYSE:SUM) Stake Increased by Congress Asset Management Co.

Congress Asset Management Co. increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 9.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 557,830 shares of the construction company’s stock after purchasing an additional 48,421 shares during the quarter. Congress Asset Management Co.’s holdings in Summit Materials were worth $28,226,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SUM. Empowered Funds LLC acquired a new stake in Summit Materials during the 4th quarter worth about $25,000. V Square Quantitative Management LLC purchased a new stake in shares of Summit Materials in the third quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Summit Materials during the third quarter worth approximately $28,000. Versant Capital Management Inc grew its position in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares in the last quarter. Finally, Toth Financial Advisory Corp increased its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock valued at $33,000 after buying an additional 500 shares during the period.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SUM. JPMorgan Chase & Co. reissued a “neutral” rating and set a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Loop Capital reaffirmed a “hold” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $52.50 target price (down from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $52.54 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The business’s 50-day simple moving average is $51.62 and its 200-day simple moving average is $45.53. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07.

Summit Materials 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.