Highbridge Capital Management LLC Takes Position in Summit Materials, Inc. (NYSE:SUM)

Highbridge Capital Management LLC bought a new position in Summit Materials, Inc. (NYSE:SUM) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 752,529 shares of the construction company’s stock, valued at approximately $38,078,000. Summit Materials makes up 1.5% of Highbridge Capital Management LLC’s investment portfolio, making the stock its 22nd largest position. Highbridge Capital Management LLC owned 0.43% of Summit Materials as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Summit Materials during the 4th quarter worth about $71,315,000. JPMorgan Chase & Co. raised its stake in shares of Summit Materials by 293.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,863,463 shares of the construction company’s stock worth $94,291,000 after purchasing an additional 1,389,955 shares during the last quarter. CoreFirst Bank & Trust acquired a new stake in shares of Summit Materials during the fourth quarter worth about $56,000. Congress Wealth Management LLC DE boosted its position in Summit Materials by 1.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 198,713 shares of the construction company’s stock valued at $10,055,000 after buying an additional 2,358 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Summit Materials by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,373,001 shares of the construction company’s stock worth $626,074,000 after buying an additional 56,602 shares during the period.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. StockNews.com assumed coverage on shares of Summit Materials in a report on Thursday. They issued a “sell” rating on the stock. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and reduced their price objective for the company from $58.00 to $52.50 in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $50.67.

Summit Materials Price Performance

Shares of NYSE SUM opened at $52.54 on Friday. 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 fifty day moving average of $52.46 and a 200 day moving average of $48.25. The firm has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. Summit Materials, Inc. has a one year low of $34.64 and a one year high of $54.07.

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.