Brokers Issue Forecasts for Summit Materials, Inc.’s Q2 2018 Earnings (SUM)
Summit Materials, Inc. (NYSE:SUM) – Analysts at DA Davidson issued their Q2 2018 earnings per share (EPS) estimates for Summit Materials in a research note issued on Monday. DA Davidson analyst B. Thielman forecasts that the construction company will earn $0.60 per share for the quarter. DA Davidson also issued estimates for Summit Materials’ Q4 2018 earnings at $0.52 EPS and FY2018 earnings at $1.60 EPS.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The firm had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. During the same quarter in the previous year, the business earned $0.73 EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis.
Several other brokerages have also recently issued reports on SUM. Bank of America Corporation upped their target price on shares of Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday. SunTrust Banks, Inc. set a $38.00 target price on shares of Summit Materials and gave the company a “buy” rating in a research report on Tuesday, October 24th. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. BidaskClub cut shares of Summit Materials from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 16th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $35.00 target price (up from $33.00) on shares of Summit Materials in a research report on Wednesday, August 9th. Two research 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 company presently has an average rating of “Hold” and an average target price of $33.83.
Summit Materials (NYSE:SUM) traded down 1.88% during midday trading on Wednesday, reaching $30.81. The company’s stock had a trading volume of 1,427,305 shares. The firm has a market cap of $3.31 billion, a P/E ratio of 68.47 and a beta of 2.08. The firm has a 50 day moving average price of $31.37 and a 200 day moving average price of $31.33. Summit Materials has a one year low of $18.85 and a one year high of $32.69.
A number of institutional investors have recently bought and sold shares of SUM. Spot Trading L.L.C. purchased a new stake in Summit Materials in the 1st quarter worth about $545,000. SG Americas Securities LLC raised its position in Summit Materials by 27.8% in the 1st quarter. SG Americas Securities LLC now owns 7,300 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,589 shares during the period. Principal Financial Group Inc. raised its position in Summit Materials by 96.9% in the 1st quarter. Principal Financial Group Inc. now owns 21,368 shares of the construction company’s stock worth $528,000 after purchasing an additional 10,515 shares during the period. FMR LLC raised its position in Summit Materials by 2.1% in the 1st quarter. FMR LLC now owns 420,458 shares of the construction company’s stock worth $10,390,000 after purchasing an additional 8,500 shares during the period. Finally, Teachers Advisors LLC raised its position in Summit Materials by 24.1% in the 1st quarter. Teachers Advisors LLC now owns 548,985 shares of the construction company’s stock worth $13,565,000 after purchasing an additional 106,581 shares during the period.
In related news, insider Thomas W. Hill sold 250,000 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $29.30, for a total value of $7,325,000.00. Following the sale, the insider now directly owns 70,610 shares of the company’s stock, valued at approximately $2,068,873. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anne Lee Benedict sold 21,147 shares of the stock in a transaction dated Friday, August 4th. The stock was 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 in the company, valued at $598,512.96. The disclosure for this sale can be found here. Insiders have sold a total of 616,433 shares of company stock worth $18,267,484 over the last 90 days. Corporate insiders own 1.97% of the company’s stock.
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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