Summit Materials (NYSE:SUM) Posts Earnings Results, Misses Expectations By $0.07 EPS

Summit Materials (NYSE:SUM) posted its quarterly earnings data on Thursday. The construction company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.07), Morningstar.com reports. Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The company had revenue of $600.90 million for the quarter, compared to the consensus estimate of $583.06 million. During the same period in the prior year, the firm posted $0.32 earnings per share. The business’s revenue was up .0% on a year-over-year basis.

Shares of NYSE SUM traded up $0.47 during mid-day trading on Friday, reaching $19.69. 1,417,394 shares of the company were exchanged, compared to its average volume of 1,134,044. Summit Materials has a 52 week low of $11.25 and a 52 week high of $21.85. The company has a quick ratio of 1.14, a current ratio of 1.97 and a debt-to-equity ratio of 1.47. The stock has a market cap of $2.15 billion, a PE ratio of 96.10, a PEG ratio of 2.29 and a beta of 2.24. The stock has a 50 day moving average of $18.22.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Penn Capital Management Co. Inc. lifted its stake in Summit Materials by 26.6% in the first quarter. Penn Capital Management Co. Inc. now owns 909,376 shares of the construction company’s stock worth $15,393,000 after purchasing an additional 190,966 shares during the last quarter. Sciencast Management LP bought a new stake in Summit Materials in the first quarter worth $294,000. Jane Street Group LLC bought a new stake in Summit Materials in the fourth quarter worth $812,000. Bank of America Corp DE lifted its stake in Summit Materials by 80.9% in the fourth quarter. Bank of America Corp DE now owns 747,776 shares of the construction company’s stock worth $9,272,000 after purchasing an additional 334,492 shares during the last quarter. Finally, Eagle Asset Management Inc. lifted its stake in Summit Materials by 1.1% in the first quarter. Eagle Asset Management Inc. now owns 3,131,472 shares of the construction company’s stock worth $49,696,000 after purchasing an additional 33,385 shares during the last quarter.

A number of research firms have recently issued reports on SUM. Zacks Investment Research downgraded shares of Summit Materials from a “buy” rating to a “hold” rating in a report on Saturday, July 20th. ValuEngine raised shares of Summit Materials from a “hold” rating to a “buy” rating in a report on Tuesday, July 2nd. Finally, Barclays set a $18.00 price objective on shares of Summit Materials and gave the stock a “hold” rating in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Summit Materials presently has an average rating of “Buy” and an average target price of $20.00.

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 for Summit Materials (NYSE:SUM)

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