Greenland Capital Management LP Purchases New Position in Summit Materials, Inc. (NYSE:SUM)

Greenland Capital Management LP acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 32,316 shares of the construction company’s stock, valued at approximately $1,635,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. FIL Ltd bought a new stake in Summit Materials in the fourth quarter worth $95,128,000. Magnetar Financial LLC bought a new stake in shares of Summit Materials during the 4th quarter worth about $79,094,000. Norges Bank bought a new stake in shares of Summit Materials during the 4th quarter worth about $71,315,000. JPMorgan Chase & Co. raised its stake in shares of Summit Materials by 293.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock valued at $94,291,000 after acquiring an additional 1,389,955 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after acquiring an additional 822,222 shares in the last quarter.

Summit Materials Stock Up 0.2 %

NYSE SUM opened at $52.54 on Tuesday. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average is $52.51 and its two-hundred day moving average is $49.13. 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, Inc. has a 1-year low of $34.64 and a 1-year high of $54.07.

Analysts Set New Price Targets

SUM has been the topic of several analyst reports. Stephens downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. StockNews.com initiated coverage on shares of Summit Materials in a research report on Friday. They set a “sell” rating for the company. Finally, 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. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.67.

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.