Brokerages Anticipate Summit Materials Inc (SUM) Will Announce Quarterly Sales of $647.39 Million

Wall Street brokerages predict that Summit Materials Inc (NYSE:SUM) will post sales of $647.39 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Summit Materials’ earnings, with the lowest sales estimate coming in at $629.12 million and the highest estimate coming in at $658.71 million. Summit Materials reported sales of $634.18 million in the same quarter last year, which indicates a positive year over year growth rate of 2.1%. The firm is scheduled to announce its next earnings results on Monday, October 29th.

On average, analysts expect that Summit Materials will report full year sales of $1.99 billion for the current year, with estimates ranging from $1.96 billion to $2.01 billion. For the next financial year, analysts anticipate that the business will post sales of $2.13 billion, with estimates ranging from $2.09 billion to $2.21 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Summit Materials.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.24). The company had revenue of $549.24 million during the quarter, compared to analysts’ expectations of $546.76 million. Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. Summit Materials’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the firm posted $0.47 earnings per share.

SUM has been the topic of a number of research analyst reports. TheStreet downgraded shares of Summit Materials from a “b” rating to a “c+” rating in a report on Thursday, June 21st. Royal Bank of Canada reissued a “buy” rating and issued a $35.00 price target on shares of Summit Materials in a report on Sunday, July 1st. Citigroup cut their price target on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating on the stock in a report on Monday, July 23rd. ValuEngine downgraded shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Finally, Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $30.41.

In related news, CEO Thomas W. Hill sold 12,500 shares of the business’s stock in a transaction dated Thursday, July 19th. The stock was sold at an average price of $26.10, for a total value of $326,250.00. Following the sale, the chief executive officer now directly owns 110,602 shares in the company, valued at approximately $2,886,712.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Karl Watson acquired 35,500 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was purchased at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the purchase, the chief operating officer now directly owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. Insiders own 1.50% of the company’s stock.

A number of institutional investors have recently made changes to their positions in SUM. Bank of Montreal Can increased its position in shares of Summit Materials by 55.1% during the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after buying an additional 2,025 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Summit Materials during the first quarter worth about $244,000. Quadrature Capital Ltd purchased a new position in shares of Summit Materials during the first quarter worth about $254,000. Cubist Systematic Strategies LLC grew its holdings in shares of Summit Materials by 626.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after purchasing an additional 7,420 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of Summit Materials during the second quarter worth about $312,000.

Shares of NYSE:SUM traded down $0.07 during midday trading on Friday, reaching $16.86. The company had a trading volume of 51,445 shares, compared to its average volume of 1,665,238. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07. The company has a market capitalization of $2.03 billion, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 1.77 and a beta of 1.52. Summit Materials has a 52-week low of $16.70 and a 52-week high of $34.06.

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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Earnings History and Estimates for Summit Materials (NYSE:SUM)

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