Dimensional Fund Advisors LP grew its position in shares of Summit Materials Inc (NYSE:SUM) by 61.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,585,962 shares of the construction company’s stock after purchasing an additional 1,371,491 shares during the quarter. Dimensional Fund Advisors LP owned 3.21% of Summit Materials worth $44,466,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of SUM. Jennison Associates LLC increased its position in shares of Summit Materials by 27.1% during the 4th quarter. Jennison Associates LLC now owns 7,444,095 shares of the construction company’s stock valued at $92,307,000 after purchasing an additional 1,586,886 shares during the period. Luminus Management LLC boosted its stake in shares of Summit Materials by 66.8% during the 3rd quarter. Luminus Management LLC now owns 3,536,307 shares of the construction company’s stock worth $64,290,000 after acquiring an additional 1,416,044 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Summit Materials by 64.0% during the 4th quarter. Victory Capital Management Inc. now owns 1,622,324 shares of the construction company’s stock worth $20,117,000 after acquiring an additional 633,279 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Summit Materials by 25.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,175,362 shares of the construction company’s stock worth $39,547,000 after acquiring an additional 443,477 shares in the last quarter. Finally, Congress Asset Management Co. MA bought a new stake in shares of Summit Materials during the 4th quarter worth $4,065,000.
Shares of Summit Materials stock traded up $0.44 during trading on Friday, reaching $17.01. The company’s stock had a trading volume of 1,330,515 shares, compared to its average volume of 1,709,797. Summit Materials Inc has a one year low of $11.25 and a one year high of $31.36. The firm has a market capitalization of $3.27 billion, a PE ratio of 113.40, a PEG ratio of 1.88 and a beta of 1.90. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.45 and a current ratio of 2.27.
SUM has been the subject of several research reports. Scotiabank reissued a “hold” rating on shares of Summit Materials in a research note on Thursday, February 14th. Zacks Investment Research raised Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Wednesday, March 20th. JPMorgan Chase & Co. started coverage on Summit Materials in a research report on Thursday, March 21st. They issued a “neutral” rating and a $19.00 target price for the company. Berenberg Bank started coverage on Summit Materials in a research report on Wednesday, April 3rd. They issued a “hold” rating and a $18.00 target price for the company. Finally, Citigroup decreased their target price on Summit Materials from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, January 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $21.82.
In other news, CEO Thomas W. Hill bought 31,250 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The shares were acquired at an average cost of $16.25 per share, with a total value of $507,812.50. Following the completion of the transaction, the chief executive officer now directly owns 135,652 shares in the company, valued at $2,204,345. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.
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About Summit Materials
Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.
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