Norges Bank Acquires Shares of 1,409,381 Summit Materials, Inc. (NYSE:SUM)

Norges Bank acquired a new position in Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, Holdings Channel.com reports. The firm acquired 1,409,381 shares of the construction company’s stock, valued at approximately $71,315,000.

Several other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in Summit Materials by 293.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after purchasing an additional 1,389,955 shares during the last quarter. CoreFirst Bank & Trust purchased a new stake in shares of Summit Materials in the fourth quarter worth about $56,000. Congress Wealth Management LLC DE grew its holdings in Summit Materials by 1.2% during the fourth quarter. Congress Wealth Management LLC DE now owns 198,713 shares of the construction company’s stock worth $10,055,000 after acquiring an additional 2,358 shares during the period. Vanguard Group Inc. raised its position in Summit Materials by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after acquiring an additional 56,602 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Summit Materials in the fourth quarter valued at approximately $1,257,000.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of analyst reports. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, StockNews.com assumed coverage on shares of Summit Materials in a research report on Thursday, March 27th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.67.

Summit Materials Stock Performance

NYSE SUM opened at $52.54 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07. The company has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The stock’s 50 day simple moving average is $52.49 and its 200-day simple moving average is $48.78.

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.