Summit Materials (SUM) Announces Quarterly Earnings Results

Summit Materials (NYSE:SUM) issued its earnings results on Wednesday. The construction company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.24, Bloomberg Earnings reports. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The company had revenue of $490.02 million for the quarter, compared to analyst estimates of $449.45 million. During the same period in the prior year, the firm posted $0.06 EPS. The business’s revenue was up 15.8% compared to the same quarter last year.

Shares of Summit Materials (NYSE:SUM) traded up $0.86 during midday trading on Thursday, hitting $32.46. The stock had a trading volume of 4,010,000 shares, compared to its average volume of 1,220,000. 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 cap of $3,700.00 and a price-to-earnings ratio of 29.51. Summit Materials has a fifty-two week low of $21.88 and a fifty-two week high of $34.06.

Several research analysts have weighed in on SUM shares. Barclays started coverage on Summit Materials in a research report on Tuesday, December 12th. They issued an “equal weight” rating and a $32.00 target price on the stock. Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a research report on Thursday, November 2nd. Citigroup upped their target price 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 “strong sell” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Bank of America upped their target price on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $33.28.

In other news, CEO Thomas W. Hill sold 6,300 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $31.04, for a total transaction of $195,552.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $28.85, for a total value of $360,625.00. Following the transaction, the insider now directly owns 160,548 shares in the company, valued at approximately $4,631,809.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 196,418 shares of company stock worth $6,131,924. 1.97% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of SUM. Bank of Montreal Can increased its holdings in shares of Summit Materials by 310.5% during the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock valued at $104,000 after acquiring an additional 2,515 shares during the last quarter. First Manhattan Co. bought a new stake in Summit Materials during the 3rd quarter valued at approximately $160,000. Cubist Systematic Strategies LLC bought a new stake in Summit Materials during the 3rd quarter valued at approximately $180,000. Daiwa Securities Group Inc. bought a new stake in Summit Materials during the 3rd quarter valued at approximately $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Summit Materials by 39.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock valued at $220,000 after purchasing an additional 1,985 shares during the period.

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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.

Earnings History for Summit Materials (NYSE:SUM)

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