Summit Materials, Inc. (SUM) to Post Q1 2018 Earnings of ($0.46) Per Share, SunTrust Banks Forecasts
Summit Materials, Inc. (NYSE:SUM) – Investment analysts at SunTrust Banks upped their Q1 2018 earnings estimates for 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 ($0.46) per share for the quarter, up from their previous forecast of ($0.48). SunTrust Banks has a “Buy” rating and a $38.00 price target on the stock. SunTrust Banks also issued estimates for Summit Materials’ Q4 2018 earnings at $0.49 EPS and FY2019 earnings at $1.93 EPS.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). The company had revenue of $478.37 million for the quarter, compared to analyst estimates of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.46 earnings per share.
Other equities research analysts also recently issued reports about the company. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reiterated a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research report on Thursday, August 3rd. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a research report on Saturday, July 8th. Zacks Investment Research downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $35.00 target price (up previously from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. 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 stock. The stock has a consensus rating of “Hold” and a consensus price target of $33.80.
Summit Materials (SUM) traded up 0.69% during mid-day trading on Thursday, hitting $32.03. The stock had a trading volume of 205,931 shares. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 71.18 and a beta of 2.08. 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 $31.30 and a 200-day moving average of $31.30.
In related news, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $32.12, for a total value of $401,500.00. Following the completion of the sale, the insider now owns 139,310 shares of the company’s stock, valued at $4,474,637.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Anne Lee Benedict sold 21,147 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $29.27, for a total transaction of $618,972.69. Following the completion of the sale, the insider now directly owns 20,448 shares of the company’s stock, valued at approximately $598,512.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 616,433 shares of company stock valued at $18,267,484. Corporate insiders own 1.97% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Summit Materials by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock worth $246,089,000 after acquiring an additional 70,684 shares during the period. BlackRock Inc. boosted its position in shares of Summit Materials by 57,208.1% during the first quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after purchasing an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC bought a new position in shares of Summit Materials during the second quarter worth $121,836,000. Goldman Sachs Group Inc. boosted its position in shares of Summit Materials by 23.9% during the second quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after purchasing an additional 645,543 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in shares of Summit Materials by 2.5% during the second quarter. TimesSquare Capital Management LLC now owns 3,069,486 shares of the construction company’s stock worth $88,616,000 after purchasing an additional 75,600 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.
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