Highbridge Capital Management LLC Invests $38.08 Million in Summit Materials, Inc. (NYSE:SUM)

Highbridge Capital Management LLC acquired a new stake in Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 752,529 shares of the construction company’s stock, valued at approximately $38,078,000. Summit Materials comprises approximately 1.5% of Highbridge Capital Management LLC’s investment portfolio, making the stock its 22nd biggest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $79,094,000. Norges Bank purchased a new stake in Summit Materials during the 4th quarter valued at about $71,315,000. JPMorgan Chase & Co. raised its holdings in Summit Materials by 293.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after acquiring an additional 1,389,955 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Summit Materials by 1,436.3% in the 4th 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 in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Summit Materials in the 4th quarter worth approximately $29,854,000.

Summit Materials Stock Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Friday. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The firm’s 50-day moving average is $52.46 and its two-hundred day moving average is $48.25.

Analyst Upgrades and Downgrades

SUM has been the subject of several recent research reports. StockNews.com initiated coverage on Summit Materials in a report on Thursday. They issued a “sell” rating for the company. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average 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.