Analysts Expect Summit Materials, Inc. (NYSE:SUM) Will Post Earnings of $0.60 Per Share

Equities analysts predict that Summit Materials, Inc. (NYSE:SUM) will post earnings per share of $0.60 for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Summit Materials’ earnings, with the highest EPS estimate coming in at $0.68 and the lowest estimate coming in at $0.53. Summit Materials reported earnings per share of $0.50 during the same quarter last year, which would indicate a positive year over year growth rate of 20%. The company is expected to announce its next quarterly earnings results on Tuesday, July 20th.

According to Zacks, analysts expect that Summit Materials will report full-year earnings of $1.23 per share for the current year, with EPS estimates ranging from $1.08 to $1.66. For the next fiscal year, analysts forecast that the firm will report earnings of $1.49 per share, with EPS estimates ranging from $1.32 to $1.91. Zacks’ earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Summit Materials.

Summit Materials (NYSE:SUM) last issued its earnings results on Monday, May 10th. The construction company reported ($0.33) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.53) by $0.20. Summit Materials had a return on equity of 9.41% and a net margin of 6.12%. The company had revenue of $398.50 million during the quarter, compared to the consensus estimate of $353.77 million. During the same quarter in the prior year, the business earned ($0.48) earnings per share. The company’s revenue was up 16.4% compared to the same quarter last year.

SUM has been the subject of several analyst reports. Morgan Stanley upped their target price on Summit Materials from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 12th. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday. JPMorgan Chase & Co. increased their price target on Summit Materials from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, January 22nd. Barclays increased their price target on Summit Materials from $22.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, May 12th. Finally, Stephens increased their price target on Summit Materials from $35.00 to $37.00 and gave the company an “overweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Summit Materials presently has a consensus rating of “Buy” and a consensus target price of $27.50.

In other Summit Materials news, Director John Raymond Murphy sold 7,000 shares of the company’s stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $27.64, for a total transaction of $193,480.00. Following the sale, the director now owns 13,979 shares in the company, valued at $386,379.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.54% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. Franklin Resources Inc. acquired a new stake in Summit Materials during the first quarter valued at approximately $120,193,000. Price T Rowe Associates Inc. MD raised its stake in Summit Materials by 44.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,030,112 shares of the construction company’s stock valued at $161,245,000 after buying an additional 2,489,467 shares in the last quarter. Norges Bank acquired a new stake in Summit Materials during the fourth quarter valued at approximately $28,469,000. Victory Capital Management Inc. raised its stake in Summit Materials by 117.0% during the first quarter. Victory Capital Management Inc. now owns 1,868,671 shares of the construction company’s stock valued at $52,360,000 after buying an additional 1,007,670 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Summit Materials by 973.0% during the first quarter. The Manufacturers Life Insurance Company now owns 735,944 shares of the construction company’s stock valued at $20,621,000 after buying an additional 667,354 shares in the last quarter.

Shares of NYSE SUM opened at $34.29 on Friday. Summit Materials has a 1-year low of $11.56 and a 1-year high of $34.47. The business has a 50-day moving average of $29.34 and a 200-day moving average of $24.12. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.43 and a quick ratio of 1.84. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 28.58 and a beta of 1.37.

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 through 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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