Envestnet Asset Management Inc. Increases Stock Position in Summit Materials, Inc. (NYSE:SUM)

Envestnet Asset Management Inc. boosted its stake in Summit Materials, Inc. (NYSE:SUMGet Rating) by 5.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,177 shares of the construction company’s stock after purchasing an additional 5,916 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Summit Materials were worth $2,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Assetmark Inc. raised its stake in shares of Summit Materials by 271.0% during the second quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock worth $34,000 after acquiring an additional 1,054 shares in the last quarter. Sciencast Management LP bought a new position in shares of Summit Materials in the second quarter worth approximately $277,000. Mount Yale Investment Advisors LLC bought a new position in shares of Summit Materials in the second quarter worth approximately $239,000. Paradigm Capital Management Inc. NY grew its holdings in shares of Summit Materials by 28.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 738,200 shares of the construction company’s stock worth $17,192,000 after purchasing an additional 164,000 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Summit Materials by 25.8% in the second quarter. Jennison Associates LLC now owns 2,433,480 shares of the construction company’s stock worth $56,676,000 after purchasing an additional 499,514 shares during the last quarter.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $29.64 on Thursday. The company has a current ratio of 3.39, a quick ratio of 2.76 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $3.45 billion, a P/E ratio of 12.30 and a beta of 1.35. The business has a fifty day simple moving average of $26.33 and a two-hundred day simple moving average of $26.66. Summit Materials, Inc. has a 12 month low of $21.99 and a 12 month high of $41.46.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SUM. StockNews.com began coverage on shares of Summit Materials in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. The Goldman Sachs Group cut their target price on shares of Summit Materials from $28.50 to $24.50 and set a “neutral” rating on the stock in a report on Friday, October 14th. Morgan Stanley cut their price target on shares of Summit Materials from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Thursday, October 13th. Jefferies Financial Group cut their price target on shares of Summit Materials from $38.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, October 3rd. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 10th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and a consensus price target of $32.06.

Summit Materials Company Profile

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Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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