Zacks: Analysts Expect Summit Materials Inc (SUM) Will Post Quarterly Sales of $455.08 Million

Equities research analysts predict that Summit Materials Inc (NYSE:SUM) will post sales of $455.08 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Summit Materials’ earnings, with estimates ranging from $441.00 million to $475.90 million. Summit Materials posted sales of $422.97 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.6%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, February 28th.

On average, analysts expect that Summit Materials will report full year sales of $455.08 million for the current year, with estimates ranging from $1.75 billion to $1.92 billion. For the next year, analysts anticipate that the business will post sales of $1.95 billion per share, with estimates ranging from $1.89 billion to $2.07 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Summit Materials.

A number of brokerages have commented on SUM. Citigroup lifted their price target on Summit Materials from $37.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Zacks Investment Research raised Summit Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. SunTrust Banks set a $38.00 price target on Summit Materials and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Bank of America lifted their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $32.44.

Shares of Summit Materials (SUM) opened at $29.76 on Wednesday. Summit Materials has a 52-week low of $22.19 and a 52-week high of $34.06. 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 company has a market capitalization of $3,238.09, a PE ratio of 44.38, a price-to-earnings-growth ratio of 1.88 and a beta of 1.81.

In other news, EVP Damian John Murphy sold 115,118 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total value of $3,654,996.50. Following the completion of the transaction, the executive vice president now owns 66,440 shares of the company’s stock, valued at approximately $2,109,470. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas W. Hill sold 6,300 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $31.04, for a total value of $195,552.00. The disclosure for this sale can be found here. In the last three months, insiders sold 196,418 shares of company stock valued at $6,149,549. Insiders own 1.97% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Lisanti Capital Growth LLC lifted its holdings in shares of Summit Materials by 34.2% in the 4th quarter. Lisanti Capital Growth LLC now owns 90,438 shares of the construction company’s stock valued at $2,843,000 after buying an additional 23,053 shares during the period. Chilton Investment Co. LLC acquired a new position in shares of Summit Materials in the 4th quarter valued at about $3,631,000. California Public Employees Retirement System lifted its holdings in shares of Summit Materials by 4.6% in the 4th quarter. California Public Employees Retirement System now owns 221,762 shares of the construction company’s stock valued at $6,972,000 after buying an additional 9,762 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Summit Materials by 328.9% in the 4th quarter. Teacher Retirement System of Texas now owns 37,672 shares of the construction company’s stock valued at $1,184,000 after buying an additional 28,888 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Summit Materials by 10.0% in the 4th quarter. American Century Companies Inc. now owns 337,599 shares of the construction company’s stock valued at $10,614,000 after buying an additional 30,653 shares during the period.

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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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