Price T Rowe Associates Inc. MD Sells 3,855,566 Shares of Summit Materials, Inc. (NYSE:SUM)

Price T Rowe Associates Inc. MD cut its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 41.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,353,933 shares of the construction company’s stock after selling 3,855,566 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Summit Materials were worth $270,910,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Summit Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock worth $626,074,000 after acquiring an additional 56,602 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Summit Materials by 1.8% during the 3rd quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock worth $206,445,000 after purchasing an additional 94,694 shares in the last quarter. FIL Ltd bought a new position in shares of Summit Materials in the fourth quarter worth $95,128,000. JPMorgan Chase & Co. raised its stake in Summit Materials by 293.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after purchasing an additional 1,389,955 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in Summit Materials during the fourth quarter worth about $79,094,000.

Summit Materials Trading Up 0.2 %

Shares of SUM stock opened at $52.54 on Friday. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve month high of $54.07. The stock’s fifty day simple moving average is $52.54 and its 200 day simple moving average is $50.49. 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 firm has a market capitalization of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13.

Analyst Ratings Changes

Several equities analysts have recently commented on SUM shares. Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. StockNews.com assumed coverage on shares of Summit Materials in a research report on Sunday, April 20th. They set a “sell” rating for the company. One 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.67.

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.