Magnetar Financial LLC Acquires New Holdings in Summit Materials, Inc. (NYSE:SUM)

Magnetar Financial LLC bought a new stake in shares of Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,563,121 shares of the construction company’s stock, valued at approximately $79,094,000. Summit Materials accounts for about 1.9% of Magnetar Financial LLC’s investment portfolio, making the stock its 6th biggest holding. Magnetar Financial LLC owned approximately 0.89% of Summit Materials at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Decagon Asset Management LLP acquired a new stake in Summit Materials during the 4th quarter valued at approximately $9,891,000. Xponance Inc. increased its position in Summit Materials by 9.6% during the 4th quarter. Xponance Inc. now owns 8,679 shares of the construction company’s stock valued at $439,000 after purchasing an additional 758 shares during the period. Boston Partners acquired a new stake in Summit Materials during the 4th quarter valued at approximately $2,338,000. Advisors Asset Management Inc. increased its position in Summit Materials by 18.2% during the 4th quarter. Advisors Asset Management Inc. now owns 127,937 shares of the construction company’s stock valued at $6,474,000 after purchasing an additional 19,669 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in Summit Materials during the 4th quarter valued at approximately $573,000.

Summit Materials Stock Performance

NYSE SUM opened at $52.54 on Thursday. The company has a fifty day simple moving average of $52.41 and a 200 day simple moving average of $47.70. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SUM shares. Longbow Research reissued a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. Jefferies Financial Group downgraded shares of Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $52.50 price objective (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Citigroup reaffirmed a “neutral” rating and set a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Finally, Loop Capital reaffirmed a “hold” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $50.67.

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.