Tokio Marine Asset Management Co. Ltd. Buys Shares of 92,500 Summit Materials, Inc. (NYSE:SUM)

Tokio Marine Asset Management Co. Ltd. purchased a new stake in Summit Materials, Inc. (NYSE:SUM - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 92,500 shares of the construction company's stock, valued at approximately $4,680,000. Tokio Marine Asset Management Co. Ltd. owned approximately 0.05% of Summit Materials at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of Summit Materials by 6.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,639,798 shares of the construction company's stock valued at $298,181,000 after buying an additional 429,062 shares during the last quarter. Principal Financial Group Inc. grew 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 last quarter. River Road Asset Management LLC increased its position in shares of 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 worth $139,257,000 after purchasing an additional 488,688 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Summit Materials by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company's stock worth $108,885,000 after purchasing an additional 9,566 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Materials by 21.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,752,993 shares of the construction company's stock valued at $68,419,000 after purchasing an additional 313,957 shares during the last quarter.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm's stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.55% of the company's stock.

Summit Materials Stock Performance

SUM traded up $0.09 during trading on Thursday, reaching $52.42. The company's stock had a trading volume of 2,438,273 shares, compared to its average volume of 3,541,478. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The company's fifty day moving average price is $51.39 and its 200-day moving average price is $44.89. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $53.49. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 63.92 and a beta of 1.13.

Analyst Upgrades and Downgrades

Several research firms have commented on SUM. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $52.50 price target (up previously from $43.00) on shares of Summit Materials in a research report on Monday, November 25th. 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. Stephens cut shares of Summit Materials from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Royal Bank of Canada restated a "sector perform" rating and issued a $52.50 price objective (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Loop Capital reaffirmed a "hold" rating and issued a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $50.54.

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.