Summit Materials, Inc. (SUM) Releases Quarterly Earnings Results, Misses Estimates By $0.10 EPS
Summit Materials, Inc. (NYSE:SUM) announced its quarterly earnings results on Monday. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.10), Bloomberg Earnings reports. The company had revenue of $634.18 million for the quarter, compared to analyst estimates of $558.93 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the company posted $0.73 earnings per share.
Shares of Summit Materials (NYSE SUM) opened at 31.62 on Tuesday. The firm has a market capitalization of $3.40 billion, a P/E ratio of 70.27 and a beta of 2.07. Summit Materials has a 12-month low of $18.61 and a 12-month high of $32.69. The company has a 50-day moving average price of $31.33 and a 200-day moving average price of $31.33.
In related news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $28.20, for a total value of $352,500.00. Following the transaction, the insider now owns 170,610 shares in the company, valued at approximately $4,811,202. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Damian John Murphy sold 100,000 shares of Summit Materials stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total transaction of $3,066,000.00. Following the completion of the transaction, the executive vice president now owns 104,398 shares in the company, valued at approximately $3,200,842.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 616,433 shares of company stock worth $18,267,484. 1.97% of the stock is owned by corporate insiders.
SUM has been the subject of a number of recent research reports. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Stifel Nicolaus restated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a report on Thursday, August 3rd. BidaskClub upgraded Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. SunTrust Banks, Inc. set a $38.00 price objective on Summit Materials and gave the company a “buy” rating in a report on Tuesday, October 24th. Finally, Zacks Investment Research downgraded Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $33.80.
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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