Summit Materials, Inc. (NYSE:SUM) Shares Sold by Invesco Ltd.

Invesco Ltd. reduced its position in Summit Materials, Inc. (NYSE:SUM) by 54.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,724,484 shares of the construction company’s stock after selling 2,073,045 shares during the quarter. Invesco Ltd.’s holdings in Summit Materials were worth $87,259,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC acquired a new stake in shares of Summit Materials in the fourth quarter valued at about $25,000. Versant Capital Management Inc grew its stake in Summit Materials by 179.2% during the 4th quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock valued at $28,000 after acquiring an additional 353 shares in the last quarter. CoreFirst Bank & Trust acquired a new stake in Summit Materials in the 4th quarter valued at about $56,000. R Squared Ltd purchased a new position in Summit Materials in the 4th quarter worth approximately $57,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Summit Materials during the 3rd quarter worth approximately $203,000.

Summit Materials Stock Performance

Shares of SUM stock opened at $52.54 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. The firm has a market cap of $9.23 billion, a P/E ratio of 64.07 and a beta of 1.13. The firm’s 50 day moving average price is $52.53 and its 200-day moving average price is $49.63. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SUM shares. Stephens cut Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and cut their target price for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Finally, StockNews.com started coverage on shares of Summit Materials in a report on Saturday. They issued a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.