DA Davidson Comments on Summit Materials Inc’s Q3 2017 Earnings (SUM)
Summit Materials Inc (NYSE:SUM) – Stock analysts at DA Davidson decreased their Q3 2017 earnings per share (EPS) estimates for shares of Summit Materials in a report released on Thursday. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings of $0.89 per share for the quarter, down from their previous estimate of $0.90. DA Davidson also issued estimates for Summit Materials’ Q4 2017 earnings at $0.41 EPS.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.09. The company had revenue of $478.37 million for the quarter, compared to analysts’ expectations of $469.91 million. Summit Materials had a net margin of 9.94% and a return on equity of 18.79%. The firm’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 earnings per share. WARNING: This piece of content was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright legislation. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/08/07/da-davidson-comments-on-summit-materials-incs-q3-2017-earnings-sum.html.
A number of other brokerages have also recently issued reports on SUM. Stifel Nicolaus reissued a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a report on Thursday. BidaskClub raised shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday. Longbow Research initiated coverage on shares of Summit Materials in a report on Thursday, June 8th. They issued a “buy” rating and a $34.00 target price on the stock. Finally, TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.43.
Shares of Summit Materials (NYSE SUM) opened at 29.34 on Monday. The stock has a market capitalization of $3.15 billion, a P/E ratio of 49.98 and a beta of 2.06. Summit Materials has a 1-year low of $17.27 and a 1-year high of $29.67. The firm’s 50-day moving average price is $28.53 and its 200 day moving average price is $26.12.
Several large investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 during the period. SG Americas Securities LLC boosted its stake in 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 during the period. Strs Ohio acquired a new stake in Summit Materials during the first quarter worth $192,000. Teacher Retirement System of Texas acquired a new stake in Summit Materials during the first quarter worth $209,000. Finally, ARP Americas LLC acquired a new stake in Summit Materials during the second quarter worth $211,000.
In other news, CFO Brian James Harris sold 20,000 shares of Summit Materials stock in a transaction that occurred 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 sale, the chief financial officer now owns 60,102 shares of the company’s stock, valued at $1,694,876.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $26.94, for a total value of $336,750.00. Following the sale, the insider now directly owns 20,610 shares in the company, valued at approximately $555,233.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,800 shares of company stock worth $3,558,302. Corporate insiders own 1.97% of the company’s stock.
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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