ABC Arbitrage SA bought a new position in Summit Materials, Inc. (NYSE:SUM - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 107,312 shares of the construction company's stock, valued at approximately $5,430,000. Summit Materials makes up 0.8% of ABC Arbitrage SA's investment portfolio, making the stock its 26th largest holding. ABC Arbitrage SA owned approximately 0.06% of Summit Materials at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Empowered Funds LLC acquired a new position in Summit Materials during the 4th quarter valued at about $25,000. Versant Capital Management Inc boosted its position in shares of Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company's stock valued at $28,000 after buying an additional 353 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Summit Materials during the third quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the third quarter worth $28,000. Finally, Toth Financial Advisory Corp raised its position in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company's stock valued at $33,000 after buying an additional 500 shares during the last quarter.
Insiders Place Their Bets
In other news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This represents a 3.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Citigroup restated a "neutral" rating and set a $52.50 price target (down from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Truist Financial reaffirmed a "hold" rating and issued a $52.50 target price (down from $60.00) on shares of Summit Materials in a report on Tuesday, November 26th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $52.50 price target (up from $43.00) on shares of Summit Materials in a report on Monday, November 25th. Royal Bank of Canada restated a "sector perform" rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Wolfe Research reiterated a "peer perform" rating on shares of Summit Materials in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $50.54.
Get Our Latest Analysis on Summit Materials
Summit Materials Stock Up 0.2 %
Summit Materials stock traded up $0.09 during trading hours on Wednesday, hitting $52.54. The stock had a trading volume of 4,694,636 shares, compared to its average volume of 2,756,030. The stock's 50-day moving average price is $51.69 and its 200-day moving average price is $45.74. The stock has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62.
Summit Materials Profile
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Free Report)
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.
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