Assenagon Asset Management S.A. Purchases 822,222 Shares of Summit Materials, Inc. (NYSE:SUM)

Assenagon Asset Management S.A. increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM - Free Report) by 1,436.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 879,466 shares of the construction company's stock after buying an additional 822,222 shares during the quarter. Assenagon Asset Management S.A. owned 0.50% of Summit Materials worth $44,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in Summit Materials by 6.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company's stock worth $298,181,000 after acquiring an additional 429,062 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company's stock worth $206,445,000 after purchasing an additional 94,694 shares during the period. River Road Asset Management LLC grew its position in Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company's stock valued at $139,257,000 after purchasing an additional 488,688 shares in the last quarter. Geode Capital Management LLC increased its stake in Summit Materials by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock valued at $108,885,000 after buying an additional 9,566 shares during the period. Finally, Millennium Management LLC increased its stake in Summit Materials by 16.9% in the 2nd quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company's stock valued at $100,817,000 after buying an additional 399,072 shares during the period.

Insider Transactions at Summit Materials

In other news, insider Christopher Burke Gaskill sold 1,536 shares of the business's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson boosted their price target on shares of Summit Materials from $41.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $52.50 target price (up from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. Royal Bank of Canada reiterated a "sector perform" rating and set a $52.50 price target (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Wolfe Research reissued a "peer perform" rating on shares of Summit Materials in a research note on Tuesday, November 26th. Finally, Barclays raised shares of Summit Materials from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $50.54.

Summit Materials Stock Performance

SUM traded up $0.01 during trading on Friday, hitting $52.20. The stock had a trading volume of 2,177,027 shares, compared to its average volume of 4,459,830. The firm has a market cap of $9.17 billion, a PE ratio of 63.65 and a beta of 1.14. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $53.49. The company has a 50 day simple moving average of $50.71 and a 200-day simple moving average of $43.52.

Summit Materials (NYSE:SUM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.05. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The firm's revenue for the quarter was up 49.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Analysts expect that Summit Materials, Inc. will post 1.66 EPS for the current year.

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.