Raymond James Financial Inc. Takes $19.19 Million Position in Summit Materials, Inc. (NYSE:SUM)

Raymond James Financial Inc. bought a new stake in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, Holdings Channel reports. The institutional investor bought 379,202 shares of the construction company’s stock, valued at approximately $19,188,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SUM. Assenagon Asset Management S.A. grew its stake in Summit Materials by 1,436.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after purchasing an additional 822,222 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake 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 purchasing an additional 429,062 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake 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 purchasing an additional 313,957 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Summit Materials in the third quarter valued at about $8,045,000. Finally, Franklin Resources Inc. purchased a new position in Summit Materials in the third quarter valued at about $7,359,000.

Summit Materials Stock Up 0.2 %

Shares of SUM opened at $52.54 on Monday. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $54.07. The stock has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The company has a 50-day moving average price of $52.36 and a two-hundred day moving average price of $47.49. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.

Analyst Ratings Changes

A number of brokerages have commented on SUM. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and lowered their target price for the company from $58.00 to $52.50 in a research note on Monday, December 16th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Truist Financial reiterated a “hold” rating and set a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.