Synovus Financial Corp Has $1.45 Million Position in Summit Materials, Inc. (NYSE:SUM)

Synovus Financial Corp boosted its stake in Summit Materials, Inc. (NYSE:SUM) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,689 shares of the construction company’s stock after purchasing an additional 445 shares during the quarter. Synovus Financial Corp’s holdings in Summit Materials were worth $1,452,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BTG Pactual Asset Management US LLC acquired a new stake in shares of Summit Materials in the 4th quarter valued at about $1,518,000. Townsquare Capital LLC increased its holdings in shares of Summit Materials by 7.4% during the fourth quarter. Townsquare Capital LLC now owns 79,439 shares of the construction company’s stock valued at $4,020,000 after acquiring an additional 5,453 shares in the last quarter. Water Island Capital LLC acquired a new position in shares of Summit Materials during the fourth quarter worth approximately $19,475,000. Rockefeller Capital Management L.P. bought a new position in shares of Summit Materials in the 4th quarter worth $1,082,000. Finally, Sterling Capital Management LLC grew its position in Summit Materials by 827.1% in the 4th quarter. Sterling Capital Management LLC now owns 3,866 shares of the construction company’s stock valued at $196,000 after purchasing an additional 3,449 shares during the period.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Wednesday. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The business has a fifty day moving average price of $52.54 and a two-hundred day moving average price of $49.75. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SUM. StockNews.com started coverage on shares of Summit Materials in a report on Saturday. They set a “sell” rating on the stock. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Summit Materials currently has an average rating of “Hold” and a consensus price target of $50.67.

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.