Wall Street analysts expect Summit Materials Inc (NYSE:SUM) to report earnings per share (EPS) of $0.05 for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Summit Materials’ earnings, with estimates ranging from $0.01 to $0.10. Summit Materials posted earnings per share of $0.46 in the same quarter last year, which indicates a negative year-over-year growth rate of 89.1%. The company is expected to issue its next earnings report on Wednesday, February 13th.
On average, analysts expect that Summit Materials will report full year earnings of $0.38 per share for the current financial year, with EPS estimates ranging from $0.32 to $0.46. For the next fiscal year, analysts anticipate that the business will report earnings of $0.80 per share, with EPS estimates ranging from $0.56 to $1.13. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow Summit Materials.
Summit Materials (NYSE:SUM) last announced its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.21). The firm had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $638.93 million. Summit Materials had a net margin of 4.64% and a return on equity of 6.74%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.73 EPS.
Several equities analysts have recently commented on SUM shares. DA Davidson set a $28.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Thursday, October 11th. Stephens set a $21.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Wednesday, October 17th. Royal Bank of Canada set a $18.00 target price on Summit Materials and gave the company a “buy” rating in a research note on Wednesday, November 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 target price on shares of Summit Materials in a research note on Thursday, November 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $25.00 target price on shares of Summit Materials in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $25.40.
In other Summit Materials news, insider Thomas A. Beck purchased 10,000 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were acquired at an average price of $13.97 per share, for a total transaction of $139,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian James Harris purchased 5,000 shares of the company’s stock in a transaction dated Thursday, November 8th. The shares were acquired at an average price of $14.12 per share, for a total transaction of $70,600.00. Following the purchase, the chief financial officer now directly owns 72,584 shares of the company’s stock, valued at approximately $1,024,886.08. The disclosure for this purchase can be found here. Insiders acquired 19,000 shares of company stock worth $263,060 in the last quarter. 1.50% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC grew its stake in shares of Summit Materials by 626.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after acquiring an additional 7,420 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Summit Materials during the third quarter worth about $168,000. Bank of Montreal Can lifted its holdings in shares of Summit Materials by 42.8% during the fourth quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock worth $136,000 after purchasing an additional 3,275 shares during the period. Sheets Smith Wealth Management acquired a new stake in shares of Summit Materials during the third quarter worth about $230,000. Finally, Paloma Partners Management Co acquired a new stake in shares of Summit Materials during the third quarter worth about $349,000.
Shares of Summit Materials stock traded down $0.42 during trading on Tuesday, hitting $14.64. 1,632,200 shares of the stock traded hands, compared to its average volume of 1,487,286. The firm has a market cap of $1.68 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.79 and a beta of 1.74. The company has a current ratio of 2.30, a quick ratio of 1.50 and a debt-to-equity ratio of 1.33. Summit Materials has a 52-week low of $11.25 and a 52-week high of $34.06.
Summit Materials Company Profile
Summit Materials, Inc, together with its subsidiaries, produces and sells construction materials and related downstream products. Its products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products. The company also provides paving and related services to private and public infrastructure sectors.
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