Zacks: Analysts Anticipate Summit Materials Inc (NYSE:SUM) to Post $0.71 EPS

Equities research analysts predict that Summit Materials Inc (NYSE:SUM) will post $0.71 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Summit Materials’ earnings, with the highest EPS estimate coming in at $0.85 and the lowest estimate coming in at $0.58. Summit Materials reported earnings per share of $0.54 in the same quarter last year, which indicates a positive year over year growth rate of 31.5%. The company is expected to issue its next earnings report on Tuesday, November 5th.

On average, analysts expect that Summit Materials will report full-year earnings of $0.63 per share for the current financial year, with EPS estimates ranging from $0.53 to $0.77. For the next financial year, analysts anticipate that the firm will post earnings of $0.96 per share, with EPS estimates ranging from $0.87 to $1.19. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Summit Materials.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.07). Summit Materials had a net margin of 0.94% and a return on equity of 1.68%. The business had revenue of $600.90 million during the quarter, compared to the consensus estimate of $583.06 million. During the same period last year, the business posted $0.32 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis.

SUM has been the topic of a number of recent research reports. ValuEngine lowered shares of Summit Materials from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Summit Materials from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Zacks Investment Research raised shares of Summit Materials from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Wednesday. Finally, Barclays set a $18.00 price objective on shares of Summit Materials and gave the company a “hold” rating in a research note on Friday, June 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $20.70.

Shares of Summit Materials stock traded up $0.09 during trading hours on Tuesday, reaching $21.43. The company’s stock had a trading volume of 582,086 shares, compared to its average volume of 1,091,834. Summit Materials has a one year low of $11.25 and a one year high of $23.10. The company has a market capitalization of $2.39 billion, a P/E ratio of 142.87 and a beta of 2.17. The stock’s fifty day simple moving average is $21.31 and its two-hundred day simple moving average is $18.07. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.38 and a current ratio of 2.06.

Several hedge funds have recently made changes to their positions in SUM. Geode Capital Management LLC raised its holdings in shares of Summit Materials by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 1,153,826 shares of the construction company’s stock valued at $14,307,000 after purchasing an additional 70,253 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Summit Materials by 13.5% in the first quarter. New York State Common Retirement Fund now owns 487,195 shares of the construction company’s stock valued at $7,732,000 after purchasing an additional 57,941 shares during the last quarter. Financial Counselors Inc. purchased a new stake in shares of Summit Materials in the first quarter valued at about $175,000. Principal Financial Group Inc. raised its holdings in shares of Summit Materials by 8.0% in the first quarter. Principal Financial Group Inc. now owns 4,879,607 shares of the construction company’s stock valued at $77,439,000 after purchasing an additional 362,331 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Summit Materials in the first quarter valued at about $1,726,000.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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