Zacks: Analysts Expect Summit Materials, Inc. (SUM) Will Announce Earnings of $0.91 Per Share

Wall Street brokerages forecast that Summit Materials, Inc. (NYSE:SUM) will report $0.91 earnings per share for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Summit Materials’ earnings, with the highest EPS estimate coming in at $0.98 and the lowest estimate coming in at $0.81. 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 26.4%. The company is scheduled to report its next quarterly earnings results on Wednesday, November 1st.

On average, analysts expect that Summit Materials will report full year earnings of $1.28 per share for the current financial year, with EPS estimates ranging from $1.23 to $1.39. For the next financial year, analysts forecast that the firm will report earnings of $1.81 per share, with EPS estimates ranging from $1.56 to $1.98. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Summit Materials.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.09). The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 earnings per share.

SUM has been the topic of a number of research reports. TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “buy” rating and set a $35.00 price target on shares of Summit Materials in a research note on Thursday, August 3rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $33.00 price target on shares of Summit Materials in a research note on Monday, June 19th. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Finally, Longbow Research initiated coverage on Summit Materials in a research note on Thursday, June 8th. They set a “buy” rating and a $34.00 price target on the stock. One 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 company. The company has an average rating of “Buy” and an average target price of $30.43.

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In other Summit Materials news, CEO Thomas W. Hill sold 6,200 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $30.04, for a total transaction of $186,248.00. Following the completion of the sale, the chief executive officer now directly owns 170,610 shares of the company’s stock, valued at approximately $5,125,124.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Damian John Murphy sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $30.66, for a total value of $3,066,000.00. Following the sale, the executive vice president now directly owns 104,398 shares of the company’s stock, valued at $3,200,842.68. The disclosure for this sale can be found here. Insiders have sold a total of 604,379 shares of company stock valued at $17,784,965 over the last three months. Corporate insiders own 1.97% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SUM. BlackRock Inc. increased its holdings in Summit Materials by 57,208.1% during the 1st quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after purchasing an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC bought a new stake in Summit Materials during the 2nd quarter worth approximately $121,836,000. FMR LLC increased its holdings in Summit Materials by 616.9% during the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $87,021,000 after purchasing an additional 2,593,803 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Summit Materials by 110.7% in the second quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after acquiring an additional 1,570,803 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Summit Materials by 19.9% in the first quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock valued at $208,882,000 after acquiring an additional 1,402,233 shares in the last quarter.

Summit Materials (SUM) traded up 0.41% on Wednesday, reaching $29.42. The company’s stock had a trading volume of 1,228,852 shares. Summit Materials has a 52-week low of $17.99 and a 52-week high of $30.45. The firm’s 50-day moving average price is $29.70 and its 200 day moving average price is $27.35. The company has a market cap of $3.16 billion, a P/E ratio of 65.38 and a beta of 2.05.

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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Earnings History and Estimates for Summit Materials (NYSE:SUM)

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