Equities analysts predict that Summit Materials, Inc. (NYSE:SUM) will report $466.58 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Summit Materials’ earnings, with the highest sales estimate coming in at $483.00 million and the lowest estimate coming in at $449.52 million. Summit Materials posted sales of $422.97 million during the same quarter last year, which suggests a positive year over year growth rate of 10.3%. The business is expected to report its next quarterly earnings results on Wednesday, February 28th.
According to Zacks, analysts expect that Summit Materials will report full-year sales of $466.58 million for the current fiscal year, with estimates ranging from $1.76 billion to $1.92 billion. For the next year, analysts expect that the firm will post sales of $1.96 billion per share, with estimates ranging from $1.92 billion to $2.07 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Summit Materials.
Summit Materials (NYSE:SUM) last announced its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). The firm had revenue of $634.18 million for the quarter, compared to the consensus estimate of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. Summit Materials’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the business posted $0.73 EPS.
A number of equities research analysts recently issued reports on the company. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. SunTrust Banks, Inc. set a $38.00 price target on Summit Materials and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Bank of America Corporation increased their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $12.50 target price on shares of Summit Materials in a report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Summit Materials currently has a consensus rating of “Buy” and an average target price of $30.79.
In related news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $28.20, for a total transaction of $352,500.00. Following the sale, the insider now owns 170,610 shares of the company’s stock, valued at approximately $4,811,202. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Damian John Murphy sold 100,000 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were 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 in the company, valued at approximately $3,200,842.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 271,610 shares of company stock worth $8,301,282. Company insiders own 1.97% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in Summit Materials by 2.7% during the 2nd quarter. American Century Companies Inc. now owns 325,245 shares of the construction company’s stock worth $9,390,000 after purchasing an additional 8,490 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Summit Materials by 23.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after purchasing an additional 645,543 shares during the last quarter. First Trust Advisors LP raised its position in Summit Materials by 210.8% during the 2nd quarter. First Trust Advisors LP now owns 147,795 shares of the construction company’s stock worth $4,267,000 after purchasing an additional 100,244 shares during the last quarter. Janus Henderson Group PLC bought a new position in Summit Materials during the 2nd quarter worth $121,836,000. Finally, Castleark Management LLC bought a new position in Summit Materials during the 2nd quarter worth $10,958,000.
Shares of Summit Materials (NYSE SUM) traded up $0.02 during trading hours on Friday, reaching $30.37. The company had a trading volume of 498,800 shares, compared to its average volume of 1,486,057. The firm has a market capitalization of $3,290.00 and a P/E ratio of 32.99. Summit Materials has a 1-year low of $22.19 and a 1-year high of $32.69. The company has a quick ratio of 2.01, a current ratio of 2.59 and a debt-to-equity ratio of 1.48.
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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