Summit Materials, Inc. (SUM) Expected to Announce Quarterly Sales of $466.58 Million
Wall Street analysts predict that Summit Materials, Inc. (NYSE:SUM) will post sales of $466.58 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Summit Materials’ earnings. The highest sales estimate is $483.00 million and the lowest is $449.52 million. Summit Materials posted sales of $422.97 million in the same quarter last year, which suggests a positive year-over-year growth rate of 10.3%. The business is scheduled to report its next quarterly earnings results on Wednesday, February 28th.
According to Zacks, analysts expect that Summit Materials will report full year sales of $466.58 million for the current financial year, with estimates ranging from $1.76 billion to $1.92 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.96 billion per share, with estimates ranging from $1.92 billion to $2.07 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Summit Materials.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data 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 9.83%. The company had revenue of $634.18 million for the quarter, compared to the consensus estimate of $558.93 million. During the same period last year, the business earned $0.73 EPS. The firm’s quarterly revenue was up 19.8% on a year-over-year basis.
Several brokerages have commented on SUM. Royal Bank Of Canada reiterated an “outperform” rating and set a $35.00 target price (up from $33.00) on shares of Summit Materials in a research note on Wednesday, August 9th. BidaskClub downgraded Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Canaccord Genuity reiterated a “buy” rating and set a $12.50 target price on shares of Summit Materials in a research note on Wednesday. Bank of America Corporation increased their target price on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.79.
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Summit Materials (SUM) opened at $30.35 on Friday. Summit Materials has a 52-week low of $22.19 and a 52-week high of $32.69. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59. The firm has a market capitalization of $3,290.00 and a P/E ratio of 33.08.
In other news, insider Douglas Charles Rauh sold 26,324 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total value of $825,520.64. Following the transaction, the insider now directly owns 18,724 shares in the company, valued at approximately $587,184.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $28.20, for a total value of $352,500.00. Following the completion of the transaction, the insider now owns 170,610 shares in the company, valued at $4,811,202. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,110 shares of company stock worth $7,923,032. Company insiders own 1.97% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Summit Materials by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after buying an additional 510 shares during the last quarter. First Manhattan Co. purchased a new position in shares of Summit Materials in the 3rd quarter worth $160,000. Daiwa Securities Group Inc. purchased a new position in shares of Summit Materials in the 3rd quarter worth $202,000. ARP Americas LLC purchased a new position in shares of Summit Materials in the 2nd quarter worth $211,000. Finally, KCG Holdings Inc. purchased a new position in shares of Summit Materials in the 1st quarter worth $247,000.
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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