Alberta Investment Management Corp Buys 120,950 Shares of Summit Materials, Inc. (NYSE:SUM)

Alberta Investment Management Corp increased its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 153.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,000 shares of the construction company’s stock after purchasing an additional 120,950 shares during the quarter. Alberta Investment Management Corp owned approximately 0.11% of Summit Materials worth $10,120,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC purchased a new stake in shares of Summit Materials during the fourth quarter worth about $25,000. Versant Capital Management Inc grew 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 worth $28,000 after purchasing an additional 353 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Summit Materials during the third quarter worth about $28,000. International Assets Investment Management LLC grew its position in shares of Summit Materials by 3,804.2% during the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Summit Materials during the fourth quarter worth about $57,000.

Insider Activity

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the business’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction 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. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Summit Materials Stock Performance

NYSE SUM opened at $52.54 on Thursday. The company has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. 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 business’s 50 day moving average price is $51.69 and its 200-day moving average price is $45.74. Summit Materials, Inc. has a fifty-two week low of $34.64 and a fifty-two week high of $54.07.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SUM. Loop Capital reiterated a “hold” rating and set a $52.50 target price (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $52.50 in a report on Monday, December 16th. Finally, Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.