Comerica Bank Cuts Position in Summit Materials, Inc. (NYSE:SUM)

Comerica Bank cut its stake in Summit Materials, Inc. (NYSE:SUM) by 94.8% during the fourth quarter, HoldingsChannel reports. The fund owned 7,514 shares of the construction company’s stock after selling 136,653 shares during the quarter. Comerica Bank’s holdings in Summit Materials were worth $380,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Summit Materials in the 4th quarter valued at $704,000. Assenagon Asset Management S.A. increased its holdings in shares of Summit Materials by 1,436.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 879,466 shares of the construction company’s stock valued at $44,501,000 after acquiring an additional 822,222 shares during the period. Tokio Marine Asset Management Co. Ltd. purchased a new position in Summit Materials during the 4th quarter worth $4,680,000. Value Holdings Management CO. LLC grew its stake in Summit Materials by 90.0% during the 4th quarter. Value Holdings Management CO. LLC now owns 19,000 shares of the construction company’s stock worth $962,000 after buying an additional 9,000 shares during the last quarter. Finally, Moody Aldrich Partners LLC grew its stake in Summit Materials by 15.4% during the 4th quarter. Moody Aldrich Partners LLC now owns 131,710 shares of the construction company’s stock worth $6,665,000 after buying an additional 17,580 shares during the last quarter.

Analyst Ratings Changes

Separately, StockNews.com began coverage on Summit Materials in a research note on Wednesday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Summit Materials has an average rating of “Hold” and a consensus price target of $50.82.

Summit Materials Stock Up 0.2%

NYSE:SUM opened at $52.54 on Friday. 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 stock’s fifty day moving average is $52.54 and its two-hundred day moving average is $51.61. Summit Materials, Inc. has a 52 week low of $34.64 and a 52 week high of $54.07. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 64.07 and a beta of 1.13.

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.