Zacks: Analysts Anticipate Summit Materials, Inc. (SUM) Will Post Quarterly Sales of $566.56 Million
Analysts predict that Summit Materials, Inc. (NYSE:SUM) will report sales of $566.56 million for the current quarter, according to Zacks. Three analysts have made estimates for Summit Materials’ earnings, with the highest sales estimate coming in at $584.47 million and the lowest estimate coming in at $538.00 million. Summit Materials reported sales of $480.21 million in the same quarter last year, which indicates a positive year-over-year growth rate of 18%. The company is scheduled to issue its next earnings report on Wednesday, November 1st.
On average, analysts expect that Summit Materials will report full year sales of $566.56 million for the current fiscal year, with estimates ranging from $1.71 billion to $1.87 billion. For the next financial year, analysts anticipate that the company will post sales of $1.91 billion per share, with estimates ranging from $1.82 billion to $2.01 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 posted its earnings results 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). Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The business had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. During the same period in the previous year, the company earned $0.46 earnings per share. The company’s quarterly revenue was up 15.9% compared to the same quarter last year.
SUM has been the subject of a number of recent research reports. Stifel Nicolaus restated a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research note on Thursday, August 3rd. BidaskClub raised Summit Materials from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Longbow Research began coverage on Summit Materials in a research report on Thursday, June 8th. They set a “buy” rating and a $34.00 price target for the company. Finally, TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.43.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $31.56, for a total transaction of $394,500.00. Following the completion of the sale, the insider now directly owns 164,310 shares in the company, valued at $5,185,623.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the sale, the insider now owns 70,610 shares of the company’s stock, valued at $2,068,873. The disclosure for this sale can be found here. Insiders have sold a total of 622,733 shares of company stock worth $18,370,296 over the last three months. 1.97% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Summit Materials by 57,208.1% in the 1st quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after purchasing an additional 7,509,709 shares during the period. Janus Henderson Group PLC acquired a new position in Summit Materials in the 2nd quarter valued at $121,836,000. FMR LLC grew its holdings in Summit Materials by 616.9% in the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock valued at $87,021,000 after buying an additional 2,593,803 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Summit Materials by 110.7% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock valued at $86,306,000 after buying an additional 1,570,803 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Summit Materials by 19.9% in the 1st 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.
Shares of Summit Materials (NYSE:SUM) traded up 0.22% during mid-day trading on Wednesday, hitting $32.29. The company’s stock had a trading volume of 371,993 shares. The company has a 50-day moving average price of $30.94 and a 200-day moving average price of $30.94. Summit Materials has a 1-year low of $18.05 and a 1-year high of $32.49. The stock has a market cap of $3.47 billion, a PE ratio of 71.76 and a beta of 2.08.
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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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