Magnetar Financial LLC Acquires Shares of 1,563,121 Summit Materials, Inc. (NYSE:SUM)

Magnetar Financial LLC acquired a new stake in shares of Summit Materials, Inc. (NYSE:SUM) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,563,121 shares of the construction company’s stock, valued at approximately $79,094,000. Summit Materials makes up 1.9% of Magnetar Financial LLC’s portfolio, making the stock its 6th largest position.

Other large investors have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Summit Materials during the 4th quarter valued at $704,000. Franklin Resources Inc. bought a new stake in shares of Summit Materials during the 3rd quarter worth $7,359,000. Assenagon Asset Management S.A. raised its stake in shares of Summit Materials by 1,436.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock worth $44,501,000 after purchasing an additional 822,222 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Summit Materials by 3.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 287,733 shares of the construction company’s stock worth $11,230,000 after purchasing an additional 10,463 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in shares of Summit Materials by 3.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 731,995 shares of the construction company’s stock worth $28,570,000 after purchasing an additional 27,225 shares during the period.

Summit Materials Stock Up 0.2 %

SUM stock opened at $52.54 on Thursday. Summit Materials, Inc. has a twelve month low of $34.64 and a twelve 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 PE ratio of 64.07 and a beta of 1.13. The stock has a 50-day simple moving average of $52.41 and a two-hundred day simple moving average of $47.70.

Analyst Ratings Changes

A number of research firms have recently commented on SUM. Royal Bank of Canada reiterated a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a research note on Monday, November 25th. Truist Financial reiterated a “hold” rating and set a $52.50 target price (down from $60.00) on shares of Summit Materials in a research note on Tuesday, November 26th. Wolfe Research reiterated a “peer perform” rating on shares of Summit Materials in a research note on Tuesday, November 26th. Citigroup reissued a “neutral” rating and issued a $52.50 price objective (down previously from $55.00) on shares of Summit Materials in a report on Tuesday, November 26th. Finally, Loop Capital reissued a “hold” rating and issued a $52.50 price objective (down previously from $54.00) on shares of Summit Materials in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus 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.