Analysts expect that Summit Materials, Inc. (NYSE:SUM) will announce sales of $561.79 million for the current quarter, Zacks reports. Four analysts have provided estimates for Summit Materials’ earnings, with estimates ranging from $538.00 million to $585.80 million. Summit Materials reported sales of $480.21 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 17%. The company is scheduled to report its next earnings report on Wednesday, November 1st.
According to Zacks, analysts expect that Summit Materials will report full-year sales of $561.79 million for the current fiscal year, with estimates ranging from $1.65 billion to $1.87 billion. For the next year, analysts anticipate that the firm will post sales of $1.87 billion per share, with estimates ranging from $1.75 billion to $2.01 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the 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 firm had revenue of $478.37 million during the quarter, compared to the consensus estimate of $469.91 million. During the same period in the prior year, the business earned $0.46 earnings per share. Summit Materials’s quarterly revenue was up 15.9% compared to the same quarter last year.
Several research analysts recently weighed in on SUM shares. Longbow Research started coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price objective on the stock. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Royal Bank Of Canada restated a “buy” rating and issued a $33.00 price objective on shares of Summit Materials in a research report on Monday, June 19th. Zacks Investment Research cut shares of Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.43.
Shares of Summit Materials (NYSE SUM) opened at 29.30 on Friday. The stock has a 50 day moving average of $29.76 and a 200-day moving average of $26.78. Summit Materials has a 1-year low of $17.99 and a 1-year high of $30.45. The firm has a market capitalization of $3.15 billion, a P/E ratio of 65.10 and a beta of 2.05.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Friday, July 7th. The shares were sold at an average price of $29.22, for a total transaction of $365,250.00. Following the transaction, the insider now directly owns 20,610 shares in the company, valued at $602,224.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas W. Hill sold 6,200 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $30.04, for a total transaction of $186,248.00. Following the transaction, the chief executive officer now owns 170,610 shares in the company, valued at $5,125,124.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 604,379 shares of company stock worth $17,784,965. 1.97% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SUM. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Materials by 67.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock valued at $111,000 after acquiring an additional 1,819 shares during the last quarter. SG Americas Securities LLC grew its position in Summit Materials by 27.8% during the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock valued at $180,000 after acquiring an additional 1,589 shares during the last quarter. Strs Ohio bought a new position in Summit Materials during the first quarter valued at approximately $192,000. Teacher Retirement System of Texas bought a new position in Summit Materials during the first quarter valued at approximately $209,000. Finally, ARP Americas LLC bought a new position in Summit Materials during the second quarter valued at approximately $211,000.
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.
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