Summit Materials, Inc. (NYSE:SUM) Expected to Announce Earnings of $0.91 Per Share
Wall Street brokerages expect Summit Materials, Inc. (NYSE:SUM) to report $0.91 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Summit Materials’ earnings. The highest EPS estimate is $0.98 and the lowest is $0.81. Summit Materials posted earnings of $0.72 per share during the same quarter last year, which suggests a positive year over year growth rate of 26.4%. The firm is expected 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 fiscal year, with EPS estimates ranging from $1.23 to $1.39. For the next fiscal year, analysts expect that the company will post earnings of $1.81 per share, with EPS estimates ranging from $1.56 to $1.98. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research analysts that cover Summit Materials.
Summit Materials (NYSE:SUM) last issued its earnings results 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. Summit Materials had a return on equity of 10.43% and a net margin of 2.46%. The company had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same period in the previous year, the company posted $0.46 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis.
Several brokerages recently issued reports on SUM. BidaskClub cut Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Royal Bank Of Canada boosted their price target on Summit Materials from $33.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday. Zacks Investment Research upgraded Summit Materials from a “sell” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Tuesday, May 9th. Finally, TheStreet cut Summit Materials from a “b-” rating to a “c” rating in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $30.43.
Shares of Summit Materials (NYSE SUM) traded down 0.20% during trading on Monday, hitting $29.28. The stock had a trading volume of 500,814 shares. Summit Materials has a 12-month low of $17.27 and a 12-month high of $29.67. The stock has a market capitalization of $3.15 billion, a P/E ratio of 49.88 and a beta of 2.06. The stock’s 50-day moving average is $28.53 and its 200-day moving average is $26.12.
In other Summit Materials news, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $28.74, for a total transaction of $181,062.00. Following the completion of the transaction, the chief executive officer now directly owns 20,610 shares in the company, valued at $592,331.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Douglas Charles Rauh sold 19,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $26.81, for a total transaction of $509,390.00. Following the transaction, the insider now owns 26,313 shares of the company’s stock, valued at $705,451.53. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,800 shares of company stock valued at $3,558,302. Company insiders own 1.97% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased 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. Vanguard Group Inc. increased its position 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 buying an additional 1,402,233 shares in the last quarter. TimesSquare Capital Management LLC increased 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. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Summit Materials during the second quarter valued at approximately $34,909,000. Finally, Epoch Investment Partners Inc. purchased a new position in shares of Summit Materials during the first quarter valued at approximately $26,076,000.
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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