SunTrust Banks Research Analysts Reduce Earnings Estimates for Summit Materials, Inc. (SUM)
Summit Materials, Inc. (NYSE:SUM) – SunTrust Banks reduced their Q3 2017 earnings estimates for shares of Summit Materials in a research report issued to clients and investors on Monday. SunTrust Banks analyst R. Seth now forecasts that the construction company will earn $0.73 per share for the quarter, down from their prior estimate of $0.81. SunTrust Banks has a “Buy” rating and a $38.00 price objective on the stock. SunTrust Banks also issued estimates for Summit Materials’ FY2017 earnings at $1.11 EPS, Q3 2018 earnings at $0.85 EPS, FY2018 earnings at $1.51 EPS and FY2020 earnings at $2.40 EPS.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.09). The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. Summit Materials’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS.
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SUM has been the subject of several other research reports. BidaskClub cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Thursday, July 20th. Zacks Investment Research upgraded shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $35.00 price objective (up from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a report on Thursday, August 3rd. Finally, TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, one has 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 price target of $33.80.
Shares of Summit Materials (NYSE:SUM) opened at 32.63 on Wednesday. Summit Materials has a 12 month low of $17.84 and a 12 month high of $32.69. The company has a 50-day moving average of $31.29 and a 200-day moving average of $31.29. The firm has a market cap of $3.51 billion, a P/E ratio of 72.51 and a beta of 2.08.
Several large investors have recently modified their holdings of SUM. BlackRock Inc. lifted its position in shares of 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 acquiring an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Summit Materials during the 2nd quarter worth $121,836,000. FMR LLC increased its stake in shares of Summit Materials by 616.9% during the 2nd quarter. FMR LLC now owns 3,014,261 shares of the construction company’s stock worth $87,021,000 after purchasing an additional 2,593,803 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Summit Materials by 110.7% during the 2nd quarter. Westfield Capital Management Co. LP now owns 2,989,486 shares of the construction company’s stock worth $86,306,000 after purchasing an additional 1,570,803 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Summit Materials by 19.9% during the 1st quarter. Vanguard Group Inc. now owns 8,453,364 shares of the construction company’s stock worth $208,882,000 after purchasing an additional 1,402,233 shares during the last quarter.
In related news, insider Douglas Charles Rauh sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $28.69, for a total value of $2,869,000.00. Following the completion of the sale, the insider now owns 43,051 shares in the company, valued at approximately $1,235,133.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $32.11, for a total transaction of $401,375.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,933 shares of company stock valued at $17,865,984. Company 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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