Summit Materials (NYSE:SUM) Releases Earnings Results, Beats Expectations By $0.05 EPS

Summit Materials (NYSE:SUM) announced its quarterly earnings data on Monday. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05, Briefing.com reports. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 58.1% compared to the same quarter last year.

Summit Materials Stock Up 2.7 %

Shares of NYSE SUM traded up $1.02 during mid-day trading on Wednesday, reaching $38.99. The company had a trading volume of 26,311 shares, compared to its average volume of 976,356. Summit Materials has a twelve month low of $29.98 and a twelve month high of $44.89. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58. The stock has a market capitalization of $6.84 billion, a PE ratio of 17.36 and a beta of 1.15. The stock’s 50 day moving average is $37.79 and its 200-day moving average is $39.48.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank of Canada increased their price objective on Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a research report on Friday, May 3rd. StockNews.com downgraded Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Citigroup cut their price objective on Summit Materials from $51.00 to $44.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Truist Financial cut their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Stifel Nicolaus cut their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.78.

Insider Transactions at Summit Materials

In other news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares of the company’s stock, valued at $2,437,932.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.55% of the stock is currently owned by company insiders.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.