Royce & Associates LP Sells 173,572 Shares of Summit Materials, Inc. (NYSE:SUM)

Royce & Associates LP reduced its position in shares of Summit Materials, Inc. (NYSE:SUM) by 46.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 196,297 shares of the construction company’s stock after selling 173,572 shares during the quarter. Royce & Associates LP’s holdings in Summit Materials were worth $9,933,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Empowered Funds LLC purchased a new stake in shares of Summit Materials during the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Summit Materials during the 3rd quarter valued at $28,000. Versant Capital Management Inc increased its holdings in shares of Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Summit Materials in the third quarter worth $53,000. Finally, R Squared Ltd bought a new position in shares of Summit Materials during the fourth quarter valued at $57,000.

Analyst Ratings Changes

A number of equities analysts have weighed in on SUM shares. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and cut their price objective for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Loop Capital reissued a “hold” rating and issued a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, StockNews.com initiated coverage on Summit Materials in a research note on Tuesday, March 11th. They set a “sell” rating for the company. One equities 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 company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Performance

Shares of NYSE SUM opened at $52.54 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The firm has a fifty day moving average price of $52.39 and a 200-day moving average price of $47.58. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

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.