Zacks: Brokerages Anticipate Summit Materials, Inc. (NYSE:SUM) Will Post Quarterly Sales of $471.19 Million
Brokerages predict that Summit Materials, Inc. (NYSE:SUM) will post $471.19 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Summit Materials’ earnings. The lowest sales estimate is $456.14 million and the highest is $481.00 million. Summit Materials reported sales of $445.27 million in the same quarter last year, which indicates a positive year over year growth rate of 5.8%. The company is scheduled to report its next quarterly earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Summit Materials will report full-year sales of $471.19 million for the current financial year, with estimates ranging from $1.65 billion to $1.83 billion. For the next financial year, analysts forecast that the firm will report sales of $1.85 billion per share, with estimates ranging from $1.75 billion to $1.98 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, May 3rd. The construction company reported ($0.50) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.48) by $0.02. The company had revenue of $259 million during the quarter, compared to analysts’ expectations of $233.63 million. Summit Materials had a return on equity of 10.00% and a net margin of 0.33%. Summit Materials’s quarterly revenue was up 24.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.42) earnings per share.
Several research analysts have issued reports on the company. BidaskClub cut Summit Materials from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $33.00 price objective on shares of Summit Materials in a research report on Monday, June 19th. Longbow Research started coverage on Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 price objective on the stock. Finally, TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a research report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.86.
Shares of Summit Materials (SUM) traded down 1.002% during trading on Thursday, hitting $28.145. 480,928 shares of the company were exchanged. The stock has a market capitalization of $2.99 billion, a PE ratio of 426.439 and a beta of 2.09. The company has a 50 day moving average of $28.26 and a 200-day moving average of $25.83. Summit Materials has a 1-year low of $17.27 and a 1-year high of $29.67.
In other Summit Materials news, insider Mikel Shane Evans sold 37,200 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $28.57, for a total value of $1,062,804.00. Following the completion of the sale, the insider now directly owns 38,993 shares in the company, valued at approximately $1,114,030.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $29.22, for a total value of $365,250.00. Following the completion of the sale, the insider now owns 20,610 shares of the company’s stock, valued at $602,224.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 278,554 shares of company stock valued at $7,781,167. 1.97% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SUM. Vanguard Group Inc. raised its position in 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 buying an additional 1,402,233 shares during the last quarter. BlackRock Inc. raised its position in shares of Summit Materials by 57,208.1% in the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after buying an additional 7,509,709 shares in the last quarter. Janus Capital Management LLC raised its position in shares of Summit Materials by 11.3% in the first quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock valued at $100,723,000 after buying an additional 412,239 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of Summit Materials by 22.6% in the first quarter. Levin Capital Strategies L.P. now owns 3,521,385 shares of the construction company’s stock valued at $87,013,000 after buying an additional 649,603 shares in the last quarter. Finally, TimesSquare Capital Management LLC raised its position in shares of Summit Materials by 70.9% in the first quarter. TimesSquare Capital Management LLC now owns 2,993,886 shares of the construction company’s stock valued at $73,979,000 after buying an additional 1,242,505 shares in the last quarter.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Summit Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.