Dimensional Fund Advisors LP increased its position in shares of Summit Materials, Inc. (NYSE:SUM) by 254.9% during the first quarter, Holdings Channel reports. The institutional investor owned 928,539 shares of the construction company’s stock after buying an additional 666,872 shares during the period. Dimensional Fund Advisors LP’s holdings in Summit Materials were worth $22,944,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after buying an additional 1,402,233 shares in the last quarter. Levin Capital Strategies L.P. increased its position in shares of Summit Materials by 22.6% in the first quarter. Levin Capital Strategies L.P. now owns 3,521,385 shares of the construction company’s stock worth $87,013,000 after buying an additional 649,603 shares in the last quarter. TimesSquare Capital Management LLC increased its position in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock worth $73,979,000 after buying an additional 1,242,505 shares in the last quarter. RE Advisers Corp increased its position in shares of Summit Materials by 21.3% in the first quarter. RE Advisers Corp now owns 2,025,836 shares of the construction company’s stock worth $50,058,000 after buying an additional 355,530 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Summit Materials by 35.6% in the first quarter. JPMorgan Chase & Co. now owns 1,255,758 shares of the construction company’s stock worth $31,029,000 after buying an additional 329,887 shares in the last quarter.

Summit Materials, Inc. (NYSE:SUM) traded down 0.254% during trading on Wednesday, reaching $29.435. 99,787 shares of the company’s stock traded hands. The company has a 50-day moving average of $28.60 and a 200 day moving average of $26.19. The stock has a market capitalization of $3.16 billion, a P/E ratio of 50.145 and a beta of 2.06. Summit Materials, Inc. has a 12 month low of $17.48 and a 12 month high of $29.67.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The business had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period in the previous year, the company posted $0.46 earnings per share. Summit Materials’s revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts expect that Summit Materials, Inc. will post $1.23 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This news story was reported by Daily Political and is the sole property of of Daily Political. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of international trademark and copyright laws. The legal version of this news story can be read at https://www.dailypolitical.com/2017/08/09/summit-materials-inc-sum-shares-bought-by-dimensional-fund-advisors-lp.html.

SUM has been the subject of a number of research analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday. Longbow Research initiated coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target for the company. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Summit Materials currently has an average rating of “Buy” and a consensus price target of $30.43.

In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total value of $336,750.00. Following the completion of the sale, the insider now directly owns 20,610 shares of the company’s stock, valued at approximately $555,233.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anne Lee Benedict sold 7,500 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $28.48, for a total transaction of $213,600.00. Following the completion of the sale, the insider now directly owns 11,213 shares of the company’s stock, valued at $319,346.24. The disclosure for this sale can be found here. Insiders sold a total of 398,947 shares of company stock valued at $11,502,275 over the last three months. 1.97% of the stock is owned by corporate insiders.

Summit Materials Company Profile

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.

Want to see what other hedge funds are holding SUM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Materials, Inc. (NYSE:SUM).

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

Receive News & Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.