Wall Street brokerages expect that Summit Materials Inc (NYSE:SUM) will announce sales of $556.43 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Summit Materials’ earnings. The lowest sales estimate is $533.19 million and the highest is $609.80 million. Summit Materials posted sales of $524.09 million during the same quarter last year, which suggests a positive year over year growth rate of 6.2%. The company is scheduled to announce its next quarterly earnings report on Wednesday, August 1st.
On average, analysts expect that Summit Materials will report full year sales of $1.99 billion for the current financial year, with estimates ranging from $1.95 billion to $2.03 billion. For the next year, analysts forecast that the business will post sales of $2.14 billion per share, with estimates ranging from $2.06 billion to $2.19 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Summit Materials.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Tuesday, May 8th. The construction company reported ($0.55) EPS for the quarter, topping the Zacks’ 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 company had revenue of $289.92 million during the quarter, compared to the consensus estimate of $297.51 million. During the same period in the prior year, the business posted ($0.49) EPS. The company’s quarterly revenue was up 11.9% on a year-over-year basis.
A number of equities analysts have recently commented on the stock. TheStreet downgraded shares of Summit Materials from a “b” rating to a “c+” rating in a research note on Thursday, June 21st. Zacks Investment Research downgraded shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. SunTrust Banks reduced their price objective on shares of Summit Materials from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, May 30th. ValuEngine downgraded shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Finally, Jefferies Financial Group assumed coverage on shares of Summit Materials in a research note on Tuesday, April 17th. They set a “buy” rating and a $36.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. Summit Materials currently has an average rating of “Buy” and a consensus price target of $33.15.
Shares of Summit Materials stock traded up $0.41 during trading hours on Friday, reaching $25.80. 2,917,300 shares of the company’s stock were exchanged, compared to its average volume of 1,319,102. Summit Materials has a fifty-two week low of $24.49 and a fifty-two week high of $34.06. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.17 and a quick ratio of 1.37. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 27.30, a P/E/G ratio of 1.69 and a beta of 1.71.
In related news, CEO Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Thursday, April 12th. The shares were sold at an average price of $29.30, for a total value of $366,250.00. Following the completion of the sale, the chief executive officer now directly owns 123,102 shares in the company, valued at approximately $3,606,888.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 75,000 shares of company stock valued at $2,142,750 over the last quarter. 1.50% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky lifted its stake in Summit Materials by 5.6% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 33,036 shares of the construction company’s stock valued at $1,039,000 after purchasing an additional 1,753 shares during the last quarter. State of Tennessee Treasury Department lifted its stake in Summit Materials by 1.4% in the 4th quarter. State of Tennessee Treasury Department now owns 130,230 shares of the construction company’s stock valued at $4,094,000 after purchasing an additional 1,798 shares during the last quarter. Royce & Associates LP lifted its stake in Summit Materials by 1.4% in the 4th quarter. Royce & Associates LP now owns 156,946 shares of the construction company’s stock valued at $4,934,000 after purchasing an additional 2,166 shares during the last quarter. Bank of Montreal Can raised its holdings in Summit Materials by 310.5% in 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 period. Finally, Princeton Capital Management LLC raised its holdings in Summit Materials by 9.7% in the 1st quarter. Princeton Capital Management LLC now owns 30,269 shares of the construction company’s stock valued at $917,000 after acquiring an additional 2,687 shares during the period.
About Summit Materials
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.