Brokerages Expect Summit Materials Inc (NYSE:SUM) Will Post Quarterly Sales of $322.27 Million

Brokerages expect that Summit Materials Inc (NYSE:SUM) will post sales of $322.27 million for the current quarter, according to Zacks. Three analysts have issued estimates for Summit Materials’ earnings. The highest sales estimate is $323.50 million and the lowest is $321.00 million. Summit Materials reported sales of $305.95 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.3%. The company is expected to announce its next earnings results on Wednesday, May 13th.

On average, analysts expect that Summit Materials will report full-year sales of $2.14 billion for the current financial year, with estimates ranging from $2.11 billion to $2.17 billion. For the next year, analysts forecast that the business will report sales of $2.26 billion, with estimates ranging from $2.20 billion to $2.29 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Summit Materials.

Summit Materials (NYSE:SUM) last released its earnings results on Wednesday, February 5th. The construction company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.50. Summit Materials had a net margin of 2.69% and a return on equity of 8.01%. The business had revenue of $556.50 million during the quarter, compared to analysts’ expectations of $488.40 million. During the same period last year, the business earned ($0.16) earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis.

Several equities analysts recently weighed in on the stock. DA Davidson raised their target price on shares of Summit Materials to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Loop Capital assumed coverage on shares of Summit Materials in a research note on Thursday, December 19th. They issued a “buy” rating and a $29.00 target price for the company. Stephens raised their target price on shares of Summit Materials from $29.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Citigroup assumed coverage on shares of Summit Materials in a research note on Tuesday, December 17th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Deutsche Bank assumed coverage on shares of Summit Materials in a research report on Wednesday, November 27th. They set a “buy” rating and a $32.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $26.17.

A number of hedge funds have recently added to or reduced their stakes in SUM. CWM LLC bought a new position in Summit Materials during the fourth quarter worth $44,000. Tower Research Capital LLC TRC acquired a new stake in shares of Summit Materials during the third quarter worth $64,000. First Mercantile Trust Co. acquired a new stake in shares of Summit Materials during the fourth quarter worth $83,000. Strs Ohio acquired a new stake in shares of Summit Materials during the third quarter worth $135,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Materials by 11.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,207 shares of the construction company’s stock worth $172,000 after buying an additional 737 shares in the last quarter.

Shares of NYSE:SUM traded down $0.11 during midday trading on Friday, hitting $23.54. The stock had a trading volume of 551,100 shares, compared to its average volume of 807,882. Summit Materials has a 12 month low of $13.42 and a 12 month high of $25.22. The company has a quick ratio of 1.98, a current ratio of 2.66 and a debt-to-equity ratio of 1.30. The business’s 50-day simple moving average is $23.45 and its 200-day simple moving average is $22.50. The company has a market cap of $2.72 billion, a P/E ratio of 48.04 and a beta of 2.15.

Summit Materials Company Profile

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

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