Alliancebernstein L.P. Sells 621,913 Shares of Summit Materials, Inc. (NYSE:SUM)

Alliancebernstein L.P. decreased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 41.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 894,288 shares of the construction company’s stock after selling 621,913 shares during the period. Alliancebernstein L.P. owned approximately 0.51% of Summit Materials worth $45,251,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SUM. Magnetar Financial LLC bought a new position in Summit Materials during the 4th quarter valued at about $79,094,000. Norges Bank purchased a new position in shares of Summit Materials during the fourth quarter valued at approximately $71,315,000. JPMorgan Chase & Co. boosted its position in shares of Summit Materials by 293.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after buying an additional 1,389,955 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Summit Materials by 1,436.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after buying an additional 822,222 shares during the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Summit Materials in the fourth quarter worth approximately $38,078,000.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $52.54 on Friday. 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 company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The firm has a 50 day moving average of $52.50 and a 200 day moving average of $48.97. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07.

Wall Street Analyst Weigh In

Several brokerages have commented on SUM. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their price objective for the company from $58.00 to $52.50 in a research report on Monday, December 16th. StockNews.com initiated coverage on shares of Summit Materials in a research note on Friday. They set a “sell” rating for the company. Finally, Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target 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.