Zacks: Analysts Expect Summit Materials, Inc. (NYSE:SUM) Will Announce Quarterly Sales of $561.79 Million
Brokerages forecast that Summit Materials, Inc. (NYSE:SUM) will post $561.79 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Summit Materials’ earnings, with the lowest sales estimate coming in at $538.00 million and the highest estimate coming in at $585.80 million. Summit Materials posted sales of $480.21 million in the same quarter last year, which suggests a positive year over year growth rate of 17%. The business is scheduled to issue its next earnings report on Wednesday, November 1st.
On average, analysts expect that Summit Materials will report full-year sales of $561.79 million for the current year, with estimates ranging from $1.65 billion to $1.87 billion. For the next year, analysts forecast that the business will report sales of $1.87 billion per share, with estimates ranging from $1.75 billion to $2.01 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover Summit Materials.
Summit Materials (NYSE:SUM) last posted 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. The company had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.46 EPS.
SUM has been the topic of a number of research analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research report on Thursday, August 3rd. BidaskClub raised shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a research report on Saturday. Longbow Research initiated coverage on shares of Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 price objective on the stock. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. 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 company currently has an average rating of “Buy” and a consensus price target of $30.43.
In other Summit Materials news, insider Anne Lee Benedict sold 21,147 shares of Summit Materials stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $29.27, for a total value of $618,972.69. Following the completion of the sale, the insider now directly owns 20,448 shares in the company, valued at $598,512.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas W. Hill sold 250,000 shares of Summit Materials stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the sale, the insider now owns 70,610 shares of the company’s stock, valued at $2,068,873. The disclosure for this sale can be found here. Insiders sold 398,947 shares of company stock valued at $11,502,275 over the last quarter. Corporate insiders own 1.97% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. BP Capital Fund Advisors LLC acquired a new stake in Summit Materials during the first quarter worth about $3,181,000. AQR Capital Management LLC acquired a new stake in Summit Materials during the fourth quarter worth about $344,000. Steadfast Capital Management LP boosted its stake in Summit Materials by 4.3% in the first quarter. Steadfast Capital Management LP now owns 1,654,509 shares of the construction company’s stock worth $40,883,000 after buying an additional 68,504 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Summit Materials by 46.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 684,335 shares of the construction company’s stock worth $16,280,000 after buying an additional 218,465 shares during the period. Finally, Moody Aldrich Partners LLC acquired a new stake in Summit Materials during the first quarter worth about $486,000.
COPYRIGHT VIOLATION WARNING: This piece of content was reported by Daily Political and is the property of of Daily Political. If you are accessing this piece of content on another website, it was copied illegally and republished in violation of United States & international copyright legislation. The legal version of this piece of content can be read at https://www.dailypolitical.com/2017/08/09/zacks-analysts-expect-summit-materials-inc-nysesum-will-announce-quarterly-sales-of-561-79-million.html.
Summit Materials (NYSE:SUM) opened at 29.51 on Wednesday. The firm’s 50-day moving average is $28.60 and its 200-day moving average is $26.18. Summit Materials has a 1-year low of $17.48 and a 1-year high of $29.72. The stock has a market cap of $3.17 billion, a P/E ratio of 50.27 and a beta of 2.06.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.