Summit Materials (SUM) Posts Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Summit Materials (NYSE:SUM) posted its quarterly earnings results on Tuesday. The construction company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.21), Morningstar.com reports. Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The firm had revenue of $625.00 million during the quarter, compared to analysts’ expectations of $638.93 million. During the same period last year, the company earned $0.73 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis.

Summit Materials stock traded up $1.54 during mid-day trading on Wednesday, reaching $15.55. 200,773 shares of the company’s stock were exchanged, compared to its average volume of 4,063,159. The firm has a market cap of $1.69 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.72 and a beta of 1.80. Summit Materials has a twelve month low of $11.67 and a twelve month high of $34.06. The company has a quick ratio of 1.26, a current ratio of 2.07 and a debt-to-equity ratio of 1.41.

SUM has been the topic of several recent analyst reports. Royal Bank of Canada set a $18.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a report on Wednesday. Stephens set a $21.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a report on Wednesday, October 17th. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a report on Thursday, October 11th. ValuEngine lowered shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 11th. Finally, Stifel Nicolaus decreased their price objective on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Summit Materials presently has an average rating of “Buy” and a consensus target price of $28.77.

A number of institutional investors have recently added to or reduced their stakes in SUM. LPL Financial LLC lifted its holdings in Summit Materials by 227.6% during the 1st quarter. LPL Financial LLC now owns 29,891 shares of the construction company’s stock worth $905,000 after buying an additional 20,768 shares in the last quarter. Millennium Management LLC lifted its holdings in Summit Materials by 1,860.2% during the 1st quarter. Millennium Management LLC now owns 348,755 shares of the construction company’s stock worth $10,560,000 after buying an additional 330,963 shares in the last quarter. Royal Bank of Canada lifted its holdings in Summit Materials by 3,389.2% during the 1st quarter. Royal Bank of Canada now owns 261,272 shares of the construction company’s stock worth $7,912,000 after buying an additional 253,784 shares in the last quarter. Xact Kapitalforvaltning AB increased its position in shares of Summit Materials by 23.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,564 shares of the construction company’s stock valued at $461,000 after purchasing an additional 3,300 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Summit Materials by 55.1% in the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after purchasing an additional 2,025 shares during the last quarter.

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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 for Summit Materials (NYSE:SUM)

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