New York Life Investment Management LLC Grows Stake in Summit Materials, Inc. (NYSE:SUM)

New York Life Investment Management LLC lifted its holdings in shares of Summit Materials, Inc. (NYSE:SUM) by 1,191.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 177,499 shares of the construction company’s stock after acquiring an additional 163,755 shares during the period. New York Life Investment Management LLC’s holdings in Summit Materials were worth $8,981,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SUM. Versant Capital Management Inc raised its holdings in Summit Materials by 179.2% during the fourth quarter. Versant Capital Management Inc now owns 550 shares of the construction company’s stock worth $28,000 after purchasing an additional 353 shares in the last quarter. Assetmark Inc. grew its position in shares of Summit Materials by 6.3% in the 3rd quarter. Assetmark Inc. now owns 6,913 shares of the construction company’s stock valued at $270,000 after buying an additional 411 shares during the last quarter. Empowered Funds LLC acquired a new stake in Summit Materials during the 4th quarter worth $25,000. Alliance Wealth Advisors LLC UT raised its stake in Summit Materials by 3.5% during the 4th quarter. Alliance Wealth Advisors LLC UT now owns 18,263 shares of the construction company’s stock worth $924,000 after acquiring an additional 611 shares in the last quarter. Finally, KBC Group NV lifted its position in Summit Materials by 19.8% in the third quarter. KBC Group NV now owns 3,807 shares of the construction company’s stock valued at $149,000 after acquiring an additional 629 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Jefferies Financial Group downgraded Summit Materials from a “buy” rating to a “hold” rating and dropped their price target for the stock from $58.00 to $52.50 in a research note on Monday, December 16th. Truist Financial reiterated a “hold” rating and issued a $52.50 price objective (down previously from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. DA Davidson raised their target price on shares of Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Longbow Research reiterated a “neutral” rating on shares of Summit Materials in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus target price of $50.54.

Insider Buying and Selling

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $50.91, for a total transaction of $78,197.76. Following the transaction, the insider now owns 40,221 shares of the company’s stock, valued at $2,047,651.11. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.55% of the stock is currently owned by corporate insiders.

Summit Materials Stock Up 0.2 %

SUM stock opened at $52.54 on Friday. The stock has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a fifty day moving average of $51.95 and a 200-day moving average of $46.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.48 and a current ratio of 3.10. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07.

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.