Cibc World Markets Corp Takes Position in Summit Materials, Inc. (NYSE:SUM)

Cibc World Markets Corp acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 11,333 shares of the construction company’s stock, valued at approximately $573,000.

A number of other hedge funds also recently made changes to their positions in SUM. Natixis Advisors LLC raised its stake in shares of Summit Materials by 35.0% during the third quarter. Natixis Advisors LLC now owns 28,070 shares of the construction company’s stock valued at $1,096,000 after purchasing an additional 7,282 shares during the period. Jennison Associates LLC purchased a new stake in shares of Summit Materials during the third quarter valued at approximately $650,000. Advisors Asset Management Inc. raised its stake in shares of Summit Materials by 7.2% during the third quarter. Advisors Asset Management Inc. now owns 108,268 shares of the construction company’s stock valued at $4,226,000 after purchasing an additional 7,245 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Summit Materials in the third quarter worth $8,045,000. Finally, Intech Investment Management LLC bought a new stake in shares of Summit Materials in the third quarter worth $1,097,000.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. StockNews.com assumed coverage on shares of Summit Materials in a research note on Wednesday. They issued a “sell” rating for the company. Wolfe Research restated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Longbow Research restated a “neutral” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $50.67.

Summit Materials Stock Performance

Shares of SUM opened at $52.54 on Friday. Summit Materials, Inc. has a 1 year low of $34.64 and a 1 year high of $54.07. The company has a market cap of $9.23 billion, a price-to-earnings 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 firm has a fifty day moving average of $52.43 and a 200-day moving average of $47.89.

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.