Dimensional Fund Advisors LP grew its stake in shares of Summit Materials Inc (NYSE:SUM) by 13.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,362,472 shares of the construction company’s stock after acquiring an additional 157,773 shares during the period. Dimensional Fund Advisors LP owned 1.26% of Summit Materials worth $43,640,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Summit Materials by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after acquiring an additional 510 shares during the last quarter. First Manhattan Co. acquired a new position in Summit Materials during the 3rd quarter worth $160,000. Daiwa Securities Group Inc. acquired a new position in Summit Materials during the 3rd quarter worth $202,000. Ameritas Investment Partners Inc. lifted its position in Summit Materials by 4.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock worth $271,000 after acquiring an additional 443 shares during the last quarter. Finally, Comerica Bank acquired a new position in Summit Materials during the 2nd quarter worth $296,000.
In other Summit Materials news, insider Douglas Charles Rauh sold 26,324 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $31.36, for a total transaction of $825,520.64. Following the sale, the insider now directly owns 18,724 shares of the company’s stock, valued at $587,184.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $31.24, for a total transaction of $390,500.00. Following the sale, the insider now directly owns 176,810 shares in the company, valued at $5,523,544.40. The disclosure for this sale can be found here. In the last three months, insiders sold 216,442 shares of company stock worth $6,786,892. 1.97% of the stock is currently owned by insiders.
Summit Materials (NYSE:SUM) last posted its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The business had revenue of $634.18 million during the quarter, compared to the consensus estimate of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The business’s revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.73 EPS. equities analysts expect that Summit Materials Inc will post 0.98 EPS for the current year.
A number of research analysts have weighed in on SUM shares. Zacks Investment Research lowered shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. SunTrust Banks set a $38.00 target price on shares of Summit Materials and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Bank of America upped their price objective on shares of Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research report on Thursday, November 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $12.50 price objective on shares of Summit Materials in a research report on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $31.50.
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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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