Cinctive Capital Management LP Purchases New Stake in Summit Materials, Inc. (NYSE:SUM)

Cinctive Capital Management LP acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 580,000 shares of the construction company’s stock, valued at approximately $29,348,000. Summit Materials comprises about 1.5% of Cinctive Capital Management LP’s portfolio, making the stock its 8th biggest holding. Cinctive Capital Management LP owned approximately 0.33% of Summit Materials at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Diametric Capital LP bought a new position in shares of Summit Materials during the fourth quarter worth about $668,000. California Public Employees Retirement System raised its stake in Summit Materials by 10.0% during the fourth quarter. California Public Employees Retirement System now owns 163,211 shares of the construction company’s stock valued at $8,258,000 after buying an additional 14,793 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in Summit Materials during the fourth quarter valued at approximately $38,078,000. Norges Bank bought a new position in Summit Materials during the 4th quarter worth approximately $71,315,000. Finally, JPMorgan Chase & Co. grew its position in shares of Summit Materials by 293.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock worth $94,291,000 after acquiring an additional 1,389,955 shares in the last quarter.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $52.54 on Wednesday. The firm’s 50 day moving average is $52.48 and its two-hundred day moving average is $48.75. The firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. 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 52 week low of $34.64 and a 52 week high of $54.07.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SUM shares. Stephens lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Jefferies Financial Group cut shares of Summit Materials from a “buy” rating to a “hold” rating and dropped their target price for the stock from $58.00 to $52.50 in a report on Monday, December 16th. Finally, StockNews.com started coverage on shares of Summit Materials in a research report on Thursday, March 27th. They issued a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and an average target price of $50.67.

Summit Materials Profile

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.