Alpine Global Management LLC Makes New Investment in Summit Materials, Inc. (NYSE:SUM)

Alpine Global Management LLC acquired a new position in shares of Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, Holdings Channel reports. The fund acquired 35,000 shares of the construction company’s stock, valued at approximately $1,771,000.

Other large investors have also made changes to their positions in the company. Empowered Funds LLC acquired a new position in shares of Summit Materials during the 4th quarter worth about $25,000. CoreFirst Bank & Trust acquired a new position in shares of Summit Materials during the 4th quarter worth about $56,000. R Squared Ltd acquired a new position in shares of Summit Materials during the 4th quarter worth about $57,000. Covestor Ltd lifted its position in shares of Summit Materials by 207.7% during the 4th quarter. Covestor Ltd now owns 1,831 shares of the construction company’s stock worth $93,000 after purchasing an additional 1,236 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its position in shares of Summit Materials by 827.1% during the 4th quarter. Sterling Capital Management LLC now owns 3,866 shares of the construction company’s stock worth $196,000 after purchasing an additional 3,449 shares during the last quarter.

Summit Materials Trading Up 0.2%

Shares of SUM opened at $52.54 on Friday. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month 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 firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13. The stock’s 50-day moving average price is $52.54 and its 200 day moving average price is $51.81.

Analyst Ratings Changes

Separately, Wall Street Zen began coverage on Summit Materials in a research note on Thursday. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.82.

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.