Wall Street brokerages expect Summit Materials Inc (NYSE:SUM) to report earnings of $0.83 per share for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Summit Materials’ earnings, with the lowest EPS estimate coming in at $0.77 and the highest estimate coming in at $0.93. Summit Materials posted earnings of $0.72 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 15.3%. The firm is scheduled to announce its next quarterly earnings results on Monday, October 29th.
On average, analysts expect that Summit Materials will report full-year earnings of $0.97 per share for the current financial year, with EPS estimates ranging from $0.72 to $1.06. For the next financial year, analysts forecast that the company will report earnings of $1.50 per share, with EPS estimates ranging from $1.05 to $1.70. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last issued its earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.24). The company had revenue of $549.24 million for the quarter, compared to analyst estimates of $546.76 million. Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the business earned $0.47 EPS.
SUM has been the subject of a number of research reports. Royal Bank of Canada reissued a “buy” rating and set a $35.00 target price on shares of Summit Materials in a research note on Sunday, July 1st. ValuEngine lowered shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. TheStreet lowered shares of Summit Materials from a “b” rating to a “c+” rating in a research note on Thursday, June 21st. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Friday, July 27th. Finally, SunTrust Banks decreased their target price on shares of Summit Materials from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Summit Materials currently has an average rating of “Buy” and an average price target of $30.41.
Shares of NYSE:SUM traded down $0.24 during trading on Friday, reaching $18.99. 95,680 shares of the company traded hands, compared to its average volume of 2,501,060. The firm has a market capitalization of $2.14 billion, a P/E ratio of 20.38, a price-to-earnings-growth ratio of 1.83 and a beta of 1.50. Summit Materials has a 1-year low of $18.47 and a 1-year high of $34.06. The company has a quick ratio of 1.26, a current ratio of 2.07 and a debt-to-equity ratio of 1.41.
In related news, CEO Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Thursday, July 19th. The shares were sold at an average price of $26.10, for a total value of $326,250.00. Following the completion of the sale, the chief executive officer now owns 110,602 shares of the company’s stock, valued at approximately $2,886,712.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Karl Watson acquired 35,500 shares of Summit Materials stock in a transaction that occurred on Friday, August 3rd. The stock was acquired at an average cost of $21.15 per share, with a total value of $750,825.00. Following the purchase, the chief operating officer now owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. 1.50% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its position in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after acquiring an additional 2,025 shares during the last quarter. Amalgamated Bank lifted its position in Summit Materials by 15.8% during the 2nd quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock worth $449,000 after acquiring an additional 2,333 shares during the last quarter. Princeton Capital Management LLC lifted its position in Summit Materials by 10.6% during the 2nd quarter. Princeton Capital Management LLC now owns 33,471 shares of the construction company’s stock worth $879,000 after acquiring an additional 3,202 shares during the last quarter. Xact Kapitalforvaltning AB lifted its position in Summit Materials by 23.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,564 shares of the construction company’s stock worth $461,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Swiss National Bank lifted its position in Summit Materials by 2.0% during the 2nd quarter. Swiss National Bank now owns 193,959 shares of the construction company’s stock worth $5,091,000 after acquiring an additional 3,800 shares during the last quarter.
Summit Materials Company Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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