Engineers Gate Manager LP increased its position in shares of Summit Materials Inc (NYSE:SUM) by 74.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,587 shares of the construction company’s stock after acquiring an additional 6,210 shares during the quarter. Engineers Gate Manager LP’s holdings in Summit Materials were worth $459,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can grew its holdings in Summit Materials by 310.5% during the fourth quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after acquiring an additional 2,515 shares during the period. First Manhattan Co. purchased a new position in Summit Materials in the 3rd quarter worth about $160,000. Cubist Systematic Strategies LLC purchased a new position in Summit Materials in the 3rd quarter worth about $180,000. Daiwa Securities Group Inc. purchased a new position in Summit Materials in the 3rd quarter worth about $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Materials by 39.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock worth $220,000 after purchasing an additional 1,985 shares in the last quarter.

In other Summit Materials news, CEO Thomas W. Hill sold 6,300 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $31.04, for a total transaction of $195,552.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Damian John Murphy sold 115,118 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total value of $3,654,996.50. Following the sale, the executive vice president now owns 66,440 shares of the company’s stock, valued at $2,109,470. The disclosure for this sale can be found here. Insiders have sold a total of 196,418 shares of company stock valued at $6,131,924 over the last 90 days. Corporate insiders own 1.97% of the company’s stock.

SUM has been the topic of a number of analyst reports. Barclays initiated coverage on Summit Materials in a research note on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 price target on the stock. Royal Bank of Canada reissued a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Zacks Investment Research raised Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, January 5th. Citigroup lifted their price target on Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Finally, Bank of America lifted their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $32.44.

Shares of Summit Materials Inc (NYSE:SUM) opened at $28.79 on Wednesday. Summit Materials Inc has a 1 year low of $22.19 and a 1 year high of $34.06. The company has a market capitalization of $3,173.20, a PE ratio of 42.93, a price-to-earnings-growth ratio of 1.84 and a beta of 1.81. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59.

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About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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Institutional Ownership by Quarter for Summit Materials (NYSE:SUM)

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