Versor Investments LP Acquires Shares of 163,591 Summit Materials, Inc. (NYSE:SUM)

Versor Investments LP acquired a new stake in Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, HoldingsChannel reports. The fund acquired 163,591 shares of the construction company’s stock, valued at approximately $8,278,000. Summit Materials makes up 1.4% of Versor Investments LP’s investment portfolio, making the stock its 4th largest holding.

A number of other hedge funds have also recently modified their holdings of SUM. Empowered Funds LLC purchased a new position in Summit Materials in the fourth quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Summit Materials in the 3rd quarter worth about $28,000. Versant Capital Management Inc boosted its position in 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. International Assets Investment Management LLC grew its holdings in Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock valued at $37,000 after purchasing an additional 913 shares during the period. Finally, Farther Finance Advisors LLC increased its position in shares of Summit Materials by 275.7% in the third quarter. Farther Finance Advisors LLC now owns 1,296 shares of the construction company’s stock valued at $51,000 after buying an additional 951 shares in the last quarter.

Wall Street Analyst Weigh In

SUM has been the topic of a number of research analyst reports. Truist Financial reissued a “hold” rating and issued a $52.50 price target (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Wolfe Research reissued a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the company from $58.00 to $52.50 in a research note on Monday, December 16th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $52.50 price objective (up from $43.00) on shares of Summit Materials in a research note on Monday, November 25th. Finally, Citigroup restated a “neutral” rating and issued a $52.50 target price (down previously from $55.00) on shares of Summit Materials in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Summit Materials has an average rating of “Hold” and a consensus price target of $50.54.

Summit Materials Stock Up 0.2 %

Shares of SUM opened at $52.54 on Thursday. Summit Materials, Inc. has a 52-week low of $34.64 and a 52-week high of $54.07. 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 stock has a fifty day simple moving average of $51.91 and a two-hundred day simple moving average of $46.30. The company has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total value of $78,197.76. Following the completion of the transaction, the insider now directly owns 40,221 shares in the company, valued at approximately $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.55% of the stock is owned by company insiders.

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.