$472.69 Million in Sales Expected for Summit Materials, Inc. (SUM) This Quarter
Wall Street brokerages expect Summit Materials, Inc. (NYSE:SUM) to announce $472.69 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Summit Materials’ earnings, with the lowest sales estimate coming in at $456.14 million and the highest estimate coming in at $481.00 million. Summit Materials reported sales of $445.27 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.2%. The business is expected to report its next earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Summit Materials will report full-year sales of $472.69 million for the current fiscal year, with estimates ranging from $1.65 billion to $1.83 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.84 billion per share, with estimates ranging from $1.75 billion to $1.98 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by $0.02. Summit Materials had a net margin of 0.33% and a return on equity of 10.00%. The firm had revenue of $259 million during the quarter, compared to the consensus estimate of $233.63 million. During the same period in the previous year, the business earned ($0.42) earnings per share. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis.
A number of research firms have weighed in on SUM. TheStreet upgraded shares of Summit Materials from a “c” rating to a “b-” rating in a research report on Tuesday, March 28th. Cleveland Research reiterated a “buy” rating on shares of Summit Materials in a research report on Friday, March 31st. Royal Bank Of Canada reiterated a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a research report on Monday, June 19th. BidaskClub upgraded shares of Summit Materials from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Finally, Longbow Research began coverage on shares of Summit Materials in a research report on Thursday, June 8th. They issued a “buy” rating and a $34.00 price target for the company. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $28.86.
In related news, EVP Damian John Murphy sold 98,510 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $28.18, for a total transaction of $2,776,011.80. Following the completion of the transaction, the executive vice president now owns 102,908 shares in the company, valued at $2,899,947.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian James Harris sold 20,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $28.20, for a total transaction of $564,000.00. Following the transaction, the chief financial officer now owns 60,102 shares of the company’s stock, valued at approximately $1,694,876.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 272,354 shares of company stock valued at $7,522,311. Company insiders own 1.97% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Summit Materials by 67.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,503 shares of the construction company’s stock worth $111,000 after buying an additional 1,819 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Summit Materials by 27.8% in the first quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after buying an additional 1,589 shares in the last quarter. Strs Ohio bought a new position in shares of Summit Materials during the first quarter worth $192,000. Teacher Retirement System of Texas bought a new position in shares of Summit Materials during the first quarter worth $209,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Summit Materials during the first quarter worth $221,000.
Summit Materials (SUM) opened at 28.56 on Friday. The company has a market capitalization of $3.04 billion, a P/E ratio of 432.73 and a beta of 2.10. Summit Materials has a one year low of $17.27 and a one year high of $28.71. The firm has a 50-day moving average of $27.50 and a 200 day moving average of $25.15.
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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