Kornitzer Capital Management Inc. KS Cuts Stake in Summit Materials, Inc. (NYSE:SUM)

Kornitzer Capital Management Inc. KS trimmed its position in shares of Summit Materials, Inc. (NYSE:SUM) by 23.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 365,621 shares of the construction company’s stock after selling 109,490 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.21% of Summit Materials worth $18,500,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Summit Materials during the fourth quarter worth $704,000. Franklin Resources Inc. acquired a new position in Summit Materials in the third quarter valued at approximately $7,359,000. Principal Financial Group Inc. increased its stake in Summit Materials by 1.8% in the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after purchasing an additional 94,694 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after purchasing an additional 822,222 shares in the last quarter. Finally, Ausbil Investment Management Ltd lifted its position in shares of Summit Materials by 355.8% during the 3rd quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares during the last quarter.

Summit Materials Stock Performance

Shares of SUM stock opened at $52.54 on Tuesday. The stock has a fifty day moving average price of $51.62 and a 200 day moving average price of $45.56. 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 stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07.

Insider Transactions at Summit Materials

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the sale, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a research report on Monday, November 25th. StockNews.com assumed coverage on shares of Summit Materials in a report on Saturday. They issued a “sell” rating on the stock. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $45.00 to $52.00 in a research note on Tuesday, October 29th. Wolfe Research reaffirmed a “peer perform” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $52.50 in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $50.54.

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.