Price T Rowe Associates Inc. MD Has $270.91 Million Stock Holdings in Summit Materials, Inc. (NYSE:SUM)

Price T Rowe Associates Inc. MD lowered its stake in Summit Materials, Inc. (NYSE:SUM) by 41.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,353,933 shares of the construction company’s stock after selling 3,855,566 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 3.05% of Summit Materials worth $270,910,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC grew its stake in Summit Materials by 222.4% in the third quarter. Barclays PLC now owns 211,442 shares of the construction company’s stock valued at $8,252,000 after purchasing an additional 145,858 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Summit Materials in the 3rd quarter valued at approximately $457,000. Tidal Investments LLC grew its stake in shares of Summit Materials by 32.0% in the third quarter. Tidal Investments LLC now owns 13,688 shares of the construction company’s stock valued at $534,000 after buying an additional 3,321 shares in the last quarter. Synovus Financial Corp increased its holdings in Summit Materials by 13.6% during the third quarter. Synovus Financial Corp now owns 28,244 shares of the construction company’s stock worth $1,102,000 after buying an additional 3,390 shares during the last quarter. Finally, Franklin Resources Inc. bought a new stake in Summit Materials during the third quarter worth $7,359,000.

Summit Materials Trading Up 0.2 %

Shares of NYSE:SUM opened at $52.54 on Friday. The stock has a market cap of $9.23 billion, a PE ratio of 64.07 and a beta of 1.13. The company has a quick ratio of 2.48, a current ratio of 3.10 and a debt-to-equity ratio of 0.62. Summit Materials, Inc. has a 12-month low of $34.64 and a 12-month high of $54.07. The business has a 50 day moving average of $52.54 and a 200-day moving average of $50.49.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Stephens downgraded shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. StockNews.com assumed coverage on Summit Materials in a report on Sunday, April 20th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.67.

About Summit Materials

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.