Nexpoint Asset Management L.P. Invests $19.93 Million in Summit Materials, Inc. (NYSE:SUM)

Nexpoint Asset Management L.P. purchased a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 393,860 shares of the construction company’s stock, valued at approximately $19,929,000. Summit Materials makes up approximately 2.2% of Nexpoint Asset Management L.P.’s portfolio, making the stock its 15th largest holding. Nexpoint Asset Management L.P. owned about 0.22% of Summit Materials at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Summit Materials by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after acquiring an additional 56,602 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Summit Materials by 1.8% in 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 during the last quarter. TIG Advisors LLC acquired a new position in Summit Materials during the 4th quarter valued at approximately $105,181,000. FIL Ltd bought a new position in Summit Materials during the 4th quarter worth $95,128,000. Finally, JPMorgan Chase & Co. increased its position 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 worth $94,291,000 after buying an additional 1,389,955 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SUM. StockNews.com started coverage on shares of Summit Materials in a report on Monday. They set a “sell” rating for the company. Stephens lowered shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Summit Materials has a consensus rating of “Hold” and an average target price of $50.67.

Summit Materials Price Performance

NYSE SUM opened at $52.54 on Thursday. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. Summit Materials, Inc. has a 12 month low of $34.64 and a 12 month high of $54.07. The company’s 50 day simple moving average is $52.54 and its 200 day simple moving average is $50.79.

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.