Summit Materials Inc (SUM) to Post Q2 2019 Earnings of $0.55 Per Share, Jefferies Financial Group Forecasts

Summit Materials Inc (NYSE:SUM) – Jefferies Financial Group reduced their Q2 2019 earnings estimates for Summit Materials in a note issued to investors on Wednesday, November 7th. Jefferies Financial Group analyst P. Ng now anticipates that the construction company will post earnings of $0.55 per share for the quarter, down from their prior forecast of $0.58. Jefferies Financial Group has a “Buy” rating and a $24.00 price target on the stock. Jefferies Financial Group also issued estimates for Summit Materials’ Q3 2019 earnings at $0.82 EPS.

A number of other equities research analysts have also recently weighed in on SUM. ValuEngine cut Summit Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Stifel Nicolaus decreased their price objective on Summit Materials from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. Royal Bank of Canada decreased their price objective on Summit Materials to $27.00 and set an “outperform” rating for the company in a research note on Thursday, August 2nd. Barclays decreased their price objective on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating for the company in a research note on Thursday, August 2nd. Finally, Citigroup set a $21.00 price objective on Summit Materials and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.70.

Shares of NYSE SUM opened at $13.82 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.30 and a quick ratio of 1.26. The firm has a market cap of $1.64 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.66 and a beta of 1.80. Summit Materials has a 1-year low of $11.67 and a 1-year high of $34.06.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.21). The company had revenue of $625.00 million for the quarter, compared to analysts’ expectations of $638.93 million. Summit Materials had a return on equity of 6.74% and a net margin of 4.64%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.73 earnings per share.

A number of institutional investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC raised its stake in Summit Materials by 47.0% in the third quarter. Janus Henderson Group PLC now owns 8,620,282 shares of the construction company’s stock valued at $156,717,000 after buying an additional 2,758,136 shares during the last quarter. BlackRock Inc. raised its stake in Summit Materials by 1.7% in the third quarter. BlackRock Inc. now owns 7,688,178 shares of the construction company’s stock valued at $139,771,000 after buying an additional 128,036 shares during the last quarter. Jennison Associates LLC raised its stake in Summit Materials by 0.7% in the second quarter. Jennison Associates LLC now owns 5,899,348 shares of the construction company’s stock valued at $154,858,000 after buying an additional 40,172 shares during the last quarter. Putnam Investments LLC raised its stake in Summit Materials by 16.5% in the second quarter. Putnam Investments LLC now owns 4,213,379 shares of the construction company’s stock valued at $110,601,000 after buying an additional 598,046 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its stake in Summit Materials by 10.0% in the third quarter. Eagle Asset Management Inc. now owns 3,163,095 shares of the construction company’s stock valued at $57,505,000 after buying an additional 286,284 shares during the last quarter.

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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