Ashton Thomas Private Wealth LLC Invests $218,000 in Summit Materials, Inc. (NYSE:SUM)

Ashton Thomas Private Wealth LLC acquired a new position in Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,305 shares of the construction company’s stock, valued at approximately $218,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of Summit Materials in the fourth quarter worth $19,188,000. Arizona State Retirement System raised its stake in Summit Materials by 0.9% during the 4th quarter. Arizona State Retirement System now owns 35,671 shares of the construction company’s stock valued at $1,805,000 after purchasing an additional 304 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Summit Materials during the 4th quarter valued at $1,882,000. Norden Group LLC raised its stake in Summit Materials by 15.3% during the 4th quarter. Norden Group LLC now owns 20,152 shares of the construction company’s stock valued at $1,020,000 after purchasing an additional 2,669 shares during the last quarter. Finally, Versor Investments LP acquired a new position in Summit Materials during the 4th quarter valued at $8,278,000.

Summit Materials Stock Up 0.2 %

SUM opened at $52.54 on Wednesday. The firm’s 50-day simple moving average is $52.26 and its 200-day simple moving average is $47.22. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve month high of $54.07. The firm has a market cap of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Analysts Set New Price Targets

Several equities analysts recently commented on SUM shares. StockNews.com started coverage on shares of Summit Materials in a research note on Tuesday. They set a “sell” rating for the company. Loop Capital reiterated a “hold” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 target price (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Citigroup reiterated a “neutral” rating and set a $52.50 target price (down from $55.00) 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, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $50.54.

About Summit Materials

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.