ABC Arbitrage SA Purchases Shares of 107,312 Summit Materials, Inc. (NYSE:SUM)

ABC Arbitrage SA bought a new position in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 107,312 shares of the construction company’s stock, valued at approximately $5,430,000. Summit Materials makes up about 0.8% of ABC Arbitrage SA’s portfolio, making the stock its 26th biggest position. ABC Arbitrage SA owned approximately 0.06% of Summit Materials at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SUM. Empowered Funds LLC bought a new position in Summit Materials in the fourth quarter worth approximately $25,000. V Square Quantitative Management LLC acquired a new stake in Summit Materials in the 3rd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Summit Materials in the 3rd quarter valued at $28,000. Versant Capital Management Inc increased its stake in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after purchasing an additional 353 shares in the last quarter. Finally, Toth Financial Advisory Corp lifted its stake in shares of Summit Materials by 147.1% in the third 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 in the last quarter.

Insider Buying and Selling

In other Summit Materials news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.55% of the stock is owned by insiders.

Analysts Set New Price Targets

SUM has been the topic of a number of analyst reports. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada reissued 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. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $45.00 to $52.00 in a research report on Tuesday, October 29th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and dropped their price objective for the company from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $52.50 target price (up previously from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.54.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $52.54 on Friday. The company has a 50-day moving average price of $51.59 and a two-hundred day moving average price of $45.41. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve 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. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

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.