Norges Bank Invests $71.32 Million in Summit Materials, Inc. (NYSE:SUM)

Norges Bank acquired a new stake in Summit Materials, Inc. (NYSE:SUM) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,409,381 shares of the construction company’s stock, valued at approximately $71,315,000. Norges Bank owned approximately 0.80% of Summit Materials at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SUM. Vanguard Group Inc. raised its holdings in shares of Summit Materials by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock valued at $626,074,000 after purchasing an additional 56,602 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Summit Materials by 1.8% during the third quarter. Principal Financial Group Inc. now owns 5,289,410 shares of the construction company’s stock valued at $206,445,000 after buying an additional 94,694 shares during the period. Geode Capital Management LLC raised its stake in Summit Materials by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,789,212 shares of the construction company’s stock worth $108,885,000 after buying an additional 9,566 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Summit Materials by 293.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock worth $94,291,000 after buying an additional 1,389,955 shares during the period. Finally, Magnetar Financial LLC bought a new stake in Summit Materials during the 4th quarter valued at $79,094,000.

Summit Materials Price Performance

Shares of SUM opened at $52.54 on Thursday. The firm has a market capitalization of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.10 and a quick ratio of 2.48. The company’s fifty day moving average price is $52.49 and its 200-day moving average price is $48.78. 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 subject of several recent research reports. StockNews.com started coverage on Summit Materials in a research report on Thursday, March 27th. They issued a “sell” rating for the company. Jefferies Financial Group lowered shares of Summit Materials from a “buy” rating to a “hold” rating and decreased their price target for the company from $58.00 to $52.50 in a research report on Monday, December 16th. Finally, Stephens cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.