$0.30 Earnings Per Share Expected for Summit Materials, Inc. (SUM) This Quarter
Wall Street brokerages predict that Summit Materials, Inc. (NYSE:SUM) will announce $0.30 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Summit Materials’ earnings, with estimates ranging from $0.26 to $0.39. Summit Materials posted earnings of $0.21 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 42.9%. The business is expected to announce its next quarterly earnings results on Wednesday, February 28th.
According to Zacks, analysts expect that Summit Materials will report full year earnings of $1.04 per share for the current year, with EPS estimates ranging from $0.97 to $1.11. For the next year, analysts expect that the firm will report earnings of $1.61 per share, with EPS estimates ranging from $1.49 to $1.79. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.10). The business had revenue of $634.18 million during the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a net margin of 4.09% and a return on equity of 9.83%. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.73 EPS.
Several analysts have commented on the company. Royal Bank Of Canada lifted their price target on Summit Materials from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. BidaskClub cut Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Canaccord Genuity reiterated a “buy” rating and set a $12.50 target price on shares of Summit Materials in a report on Wednesday, November 8th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $30.79.
Summit Materials (NYSE:SUM) traded up $0.02 on Thursday, reaching $30.37. The company’s stock had a trading volume of 498,800 shares, compared to its average volume of 1,486,057. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48. The stock has a market cap of $3,290.00 and a PE ratio of 32.99. Summit Materials has a 52 week low of $22.19 and a 52 week high of $32.69.
In related news, insider Thomas A. Beck sold 18,354 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $29.31, for a total transaction of $537,955.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $30.26, for a total value of $378,250.00. Following the transaction, the insider now directly owns 126,810 shares in the company, valued at $3,837,270.60. The disclosure for this sale can be found here. Insiders have sold a total of 271,610 shares of company stock worth $8,301,282 over the last three months. 1.97% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. First Manhattan Co. acquired a new position in shares of Summit Materials in the 3rd quarter valued at approximately $160,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Summit Materials by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock valued at $145,000 after purchasing an additional 510 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Summit Materials in the 3rd quarter valued at approximately $202,000. ARP Americas LLC acquired a new position in shares of Summit Materials in the 2nd quarter valued at approximately $211,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Summit Materials in the 3rd quarter valued at approximately $268,000.
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.
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