DA Davidson Research Analysts Lower Earnings Estimates for Summit Materials, Inc. (SUM)

Summit Materials, Inc. (NYSE:SUM) – DA Davidson reduced their Q3 2017 earnings estimates for shares of Summit Materials in a research report issued to clients and investors on Wednesday. DA Davidson analyst B. Thielman now forecasts that the construction company will earn $0.82 per share for the quarter, down from their prior estimate of $0.89. DA Davidson also issued estimates for Summit Materials’ FY2017 earnings at $1.21 EPS.

A number of other research firms have also issued reports on SUM. Stifel Nicolaus reiterated a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a research note on Thursday, August 3rd. BidaskClub raised shares of Summit Materials from a “strong sell” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Saturday, August 5th. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $33.00 price target on shares of Summit Materials in a report on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.20.

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Summit Materials (NYSE:SUM) opened at 31.73 on Friday. The firm has a 50-day moving average of $31.18 and a 200-day moving average of $31.18. Summit Materials has a one year low of $18.05 and a one year high of $32.69. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 70.51 and a beta of 2.08.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.09). Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The firm had revenue of $478.37 million during the quarter, compared to analyst estimates of $469.91 million. During the same quarter in the prior year, the firm earned $0.46 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Summit Materials by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock worth $246,089,000 after acquiring an additional 70,684 shares during the period. BlackRock Inc. lifted its holdings in Summit Materials by 57,208.1% during the 1st quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock valued at $185,890,000 after purchasing an additional 7,509,709 shares during the last quarter. Janus Henderson Group PLC bought a new position in Summit Materials during the 2nd quarter valued at about $121,836,000. Janus Capital Management LLC lifted its holdings in Summit Materials by 11.3% during the 1st quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock valued at $100,723,000 after purchasing an additional 412,239 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Summit Materials by 23.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock valued at $96,565,000 after purchasing an additional 645,543 shares during the last quarter.

In other news, insider Thomas A. Beck sold 18,354 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $29.31, for a total transaction of $537,955.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $28.75, for a total transaction of $359,375.00. Following the transaction, the insider now directly owns 20,610 shares of the company’s stock, valued at $592,537.50. The disclosure for this sale can be found here. Insiders have sold a total of 622,733 shares of company stock valued at $18,406,421 over the last ninety days. 1.97% of the stock is owned by insiders.

About Summit Materials

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

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

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