More and More Hedge Funds Are Buying Summit Materials Inc (SUM)

As one would reasonably expect, some big names were leading the bulls’ herd. Alyeska Investment Group initiated the most outsized position in Summit Materials Inc (NYSE:SUM). Alyeska Investment Group had $34.2 million invested in the company at the end of the quarter. Jacob Gottlieb’s Visium Asset Management also initiated a $12.4 million position during the quarter. The other funds with new positions in the stock are Jonathan Barrett and Paul Segal’s Luminus Management, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Alexander Mitchell’s Scopus Asset Management.

Let’s go over hedge fund activity in other stocks similar to Summit Materials Inc (NYSE:SUM). These stocks are Chemtura Corp (NYSE:CHMT), On Assignment, Inc. (NYSE:ASGN), Demandware Inc (NYSE:DWRE), and The Advisory Board Company (NASDAQ:ABCO). This group of stocks’ market caps matches Summit Materials Inc (NYSE:SUM)’s market cap.

As you can see, these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $205 million. That figure was $342 million in Summit Materials Inc (NYSE:SUM)’s case. Chemtura Corp (NYSE:CHMT) is the most popular stock in this table. On the other hand, The Advisory Board Company (NASDAQ:ABCO) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks, Summit Materials Inc (NYSE:SUM) is far more popular among hedge funds and gaining rapidly in popularity. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.