Summit Materials, Inc. (NYSE:SUM) Shares Acquired by New York Life Investment Management LLC

New York Life Investment Management LLC increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 1,191.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 177,499 shares of the construction company’s stock after acquiring an additional 163,755 shares during the quarter. New York Life Investment Management LLC owned approximately 0.10% of Summit Materials worth $8,981,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. raised its stake 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 during the period. River Road Asset Management LLC raised its position in shares of Summit Materials by 15.9% during the 3rd quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company’s stock valued at $139,257,000 after buying an additional 488,688 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Summit Materials by 6.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company’s stock valued at $298,181,000 after acquiring an additional 429,062 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Summit Materials by 21.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company’s stock valued at $68,419,000 after acquiring an additional 313,957 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Summit Materials in the third quarter worth approximately $8,045,000.

Analyst Upgrades and Downgrades

SUM has been the topic of several recent analyst reports. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Truist Financial reaffirmed a “hold” rating and issued a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. DA Davidson increased their price objective on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $50.54.

Insiders Place Their Bets

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.55% of the stock is owned by company insiders.

Summit Materials Stock Up 0.2 %

Shares of NYSE SUM opened at $52.54 on Friday. The stock has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The business’s fifty day simple moving average is $51.95 and its 200-day simple moving average is $46.34. 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.

Summit Materials Company 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.