$468.39 Million in Sales Expected for Summit Materials Inc (SUM) This Quarter

Brokerages forecast that Summit Materials Inc (NYSE:SUM) will post $468.39 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Summit Materials’ earnings, with estimates ranging from $451.60 million to $489.22 million. Summit Materials posted sales of $490.02 million during the same quarter last year, which suggests a negative year over year growth rate of 4.4%. The company is expected to report its next earnings report on Wednesday, February 13th.

On average, analysts expect that Summit Materials will report full-year sales of $1.93 billion for the current financial year, with estimates ranging from $1.92 billion to $1.95 billion. For the next fiscal year, analysts expect that the firm will report sales of $2.08 billion, with estimates ranging from $2.05 billion to $2.19 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Summit Materials.

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

Several equities analysts have weighed in on SUM shares. Citigroup lowered their price target on shares of Summit Materials from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, January 4th. Stephens set a $21.00 price target on shares of Summit Materials and gave the company a “buy” rating in a report on Wednesday, October 17th. DA Davidson set a $28.00 price target on shares of Summit Materials and gave the company a “buy” rating in a report on Thursday, October 11th. Royal Bank of Canada set a $18.00 price target on shares of Summit Materials and gave the company a “buy” rating in a report on Wednesday, November 7th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $24.00 price target on shares of Summit Materials in a report on Thursday, November 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Summit Materials presently has a consensus rating of “Buy” and a consensus price target of $25.40.

NYSE:SUM traded up $0.49 during trading hours on Thursday, hitting $14.85. 1,042,491 shares of the stock traded hands, compared to its average volume of 1,298,309. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.30 and a quick ratio of 1.50. Summit Materials has a 1 year low of $11.25 and a 1 year high of $34.06. The company has a market capitalization of $1.66 billion, a P/E ratio of 19.29, a P/E/G ratio of 1.76 and a beta of 1.74.

In related news, CFO Brian James Harris bought 5,000 shares of the stock in a transaction dated Thursday, November 8th. The shares were purchased at an average price of $14.12 per share, with a total value of $70,600.00. Following the completion of the acquisition, the chief financial officer now owns 72,584 shares of the company’s stock, valued at $1,024,886.08. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Thomas A. Beck bought 10,000 shares of the stock in a transaction dated Monday, November 19th. The stock was bought at an average cost of $13.97 per share, for a total transaction of $139,700.00. The disclosure for this purchase can be found here. Insiders bought 19,000 shares of company stock worth $263,060 in the last three months. Insiders own 1.50% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in Summit Materials by 42.8% during the fourth quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after purchasing an additional 3,275 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Summit Materials during the third quarter valued at $168,000. Cubist Systematic Strategies LLC raised its stake in Summit Materials by 626.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock valued at $226,000 after purchasing an additional 7,420 shares in the last quarter. Sheets Smith Wealth Management purchased a new stake in Summit Materials during the third quarter valued at $230,000. Finally, Suffolk Capital Management LLC purchased a new stake in Summit Materials during the fourth quarter valued at $312,000.

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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