Yakira Capital Management Inc. Makes New $3.60 Million Investment in Summit Materials, Inc. (NYSE:SUM)

Yakira Capital Management Inc. acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 71,137 shares of the construction company’s stock, valued at approximately $3,600,000. Summit Materials comprises about 1.3% of Yakira Capital Management Inc.’s portfolio, making the stock its 21st largest position.

A number of other institutional investors have also made changes to their positions in the stock. Empowered Funds LLC bought a new stake in Summit Materials during the fourth quarter worth approximately $25,000. Versant Capital Management Inc raised its holdings in Summit Materials by 179.2% in the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after acquiring an additional 353 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials during the 3rd quarter worth $28,000. CoreFirst Bank & Trust bought a new stake in Summit Materials during the fourth quarter valued at about $56,000. Finally, R Squared Ltd acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $57,000.

Analysts Set New Price Targets

Several research firms recently weighed in on SUM. Jefferies Financial Group cut Summit Materials from a “buy” rating to a “hold” rating and cut their price objective for the stock from $58.00 to $52.50 in a research report on Monday, December 16th. StockNews.com started coverage on Summit Materials in a report 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 assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Summit Materials presently has an average rating of “Hold” and an average price target of $50.67.

Summit Materials Price Performance

NYSE:SUM opened at $52.54 on Friday. 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 company 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. The company has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

Summit Materials Company 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.