Picton Mahoney Asset Management Purchases New Shares in Summit Materials, Inc. (NYSE:SUM)

Picton Mahoney Asset Management acquired a new stake in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 590,000 shares of the construction company’s stock, valued at approximately $29,854,000. Summit Materials comprises approximately 0.9% of Picton Mahoney Asset Management’s holdings, making the stock its 17th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First Eagle Investment Management LLC raised its stake in shares of Summit Materials by 13.6% in the 4th quarter. First Eagle Investment Management LLC now owns 217,427 shares of the construction company’s stock valued at $11,002,000 after purchasing an additional 26,000 shares during the period. Madison Investment Advisors LLC bought a new stake in shares of Summit Materials during the fourth quarter worth approximately $10,423,000. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Summit Materials in the fourth quarter valued at approximately $506,000. Vestcor Inc bought a new stake in shares of Summit Materials in the fourth quarter valued at approximately $8,247,000. Finally, Swiss National Bank lifted its stake in Summit Materials by 0.8% during the fourth quarter. Swiss National Bank now owns 241,715 shares of the construction company’s stock worth $12,231,000 after purchasing an additional 1,800 shares during the last quarter.

Wall Street Analyst Weigh In

SUM has been the subject of a number of research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $52.50 price target (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Truist Financial reissued a “hold” rating and set a $52.50 target price (down previously from $60.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research reaffirmed a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Citigroup reissued a “neutral” rating and set a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $50.67.

Summit Materials Stock Up 0.2 %

NYSE SUM opened at $52.54 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $52.36 and a two-hundred day moving average of $47.37. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07.

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.