Analysts expect that Summit Materials Inc (NYSE:SUM) will announce $0.58 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Summit Materials’ earnings, with the lowest EPS estimate coming in at $0.50 and the highest estimate coming in at $0.66. Summit Materials reported earnings per share of $0.47 in the same quarter last year, which suggests a positive year-over-year growth rate of 23.4%. The company is scheduled to report its next earnings report on Wednesday, August 1st.
On average, analysts expect that Summit Materials will report full year earnings of $1.48 per share for the current financial year, with EPS estimates ranging from $1.06 to $1.64. For the next financial year, analysts anticipate that the company will post earnings of $1.83 per share, with EPS estimates ranging from $1.36 to $2.17. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Summit Materials.
Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Tuesday, May 8th. The construction company reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.04. Summit Materials had a net margin of 6.03% and a return on equity of 10.20%. The business had revenue of $289.92 million for the quarter, compared to the consensus estimate of $297.51 million. During the same quarter in the previous year, the firm earned ($0.49) earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis.
SUM has been the topic of several analyst reports. Goldman Sachs Group raised shares of Summit Materials from a “neutral” rating to a “buy” rating in a report on Monday, February 26th. ValuEngine upgraded Summit Materials from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. TheStreet upgraded Summit Materials from a “c” rating to a “b” rating in a research report on Monday, March 19th. Jefferies Financial Group assumed coverage on Summit Materials in a research report on Tuesday, April 17th. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, Zacks Investment Research upgraded Summit Materials from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a research report on Wednesday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $33.15.
In other news, CEO Thomas W. Hill sold 12,500 shares of the stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $27.41, for a total transaction of $342,625.00. Following the transaction, the chief executive officer now owns 148,102 shares in the company, valued at approximately $4,059,475.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 75,000 shares of company stock worth $2,142,750 in the last quarter. Insiders own 1.50% of the company’s stock.
Large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in Summit Materials by 5.3% in the fourth quarter. BlackRock Inc. now owns 7,056,682 shares of the construction company’s stock valued at $221,864,000 after purchasing an additional 355,922 shares during the last quarter. Bamco Inc. NY boosted its holdings in Summit Materials by 3.6% during the first quarter. Bamco Inc. NY now owns 3,181,761 shares of the construction company’s stock worth $96,344,000 after purchasing an additional 110,150 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Summit Materials by 26.1% during the first quarter. Victory Capital Management Inc. now owns 2,022,306 shares of the construction company’s stock worth $61,236,000 after purchasing an additional 418,738 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in Summit Materials by 15.7% during the first quarter. Westwood Holdings Group Inc. now owns 1,966,845 shares of the construction company’s stock worth $59,556,000 after purchasing an additional 266,562 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its holdings in Summit Materials by 5.1% during the fourth quarter. OppenheimerFunds Inc. now owns 1,785,869 shares of the construction company’s stock worth $56,147,000 after purchasing an additional 85,985 shares during the last quarter.
Summit Materials traded up $0.42, hitting $26.29, during trading hours on Thursday, MarketBeat.com reports. 81,952 shares of the stock traded hands, compared to its average volume of 1,474,388. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.17 and a quick ratio of 1.37. Summit Materials has a 1 year low of $25.70 and a 1 year high of $34.06. The company has a market capitalization of $2.98 billion, a P/E ratio of 27.85, a P/E/G ratio of 1.72 and a beta of 1.71.
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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