Zacks: Analysts Expect Summit Materials Inc (SUM) Will Post Quarterly Sales of $468.39 Million

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Equities research analysts predict that Summit Materials Inc (NYSE:SUM) will post $468.39 million in sales for the current quarter, according to Zacks. 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 would indicate a negative year-over-year growth rate of 4.4%. The business is expected to issue its next earnings results on Wednesday, February 13th.

According to Zacks, 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 business will post sales of $2.08 billion, with estimates ranging from $2.05 billion to $2.19 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Summit Materials.

Summit Materials (NYSE:SUM) last announced its quarterly earnings data 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 analysts’ expectations of $638.93 million. During the same period in the prior year, the company posted $0.73 EPS. The firm’s revenue was up 8.8% on a year-over-year basis.

Several analysts recently issued reports on SUM shares. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research note on Thursday, October 11th. Stephens set a $21.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research note on Wednesday, October 17th. Royal Bank of Canada set a $18.00 price objective on shares of Summit Materials and gave the company a “buy” rating in a research note on Wednesday, November 7th. Jefferies Financial Group reaffirmed a “buy” rating and set a $24.00 price objective on shares of Summit Materials in a research note on Thursday, November 8th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $25.00 price objective on shares of Summit Materials in a research note on Thursday, November 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $25.40.

Shares of NYSE SUM opened at $14.23 on Thursday. Summit Materials has a 12-month low of $11.25 and a 12-month high of $34.06. The stock has a market cap of $1.68 billion, a P/E ratio of 15.30, a price-to-earnings-growth ratio of 1.79 and a beta of 1.74. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.30 and a quick ratio of 1.50.

In other news, insider Thomas A. Beck purchased 10,000 shares of the company’s stock in a transaction dated Monday, November 19th. The stock was acquired at an average price of $13.97 per share, with a total value of $139,700.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian James Harris purchased 2,000 shares of the company’s stock in a transaction dated Tuesday, December 4th. The stock was purchased at an average cost of $13.38 per share, with a total value of $26,760.00. Following the purchase, the chief financial officer now owns 74,584 shares in the company, valued at $997,933.92. The disclosure for this purchase can be found here. In the last three months, insiders bought 19,000 shares of company stock valued at $263,060. Corporate insiders own 1.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Bank of Montreal Can grew its stake in shares of Summit Materials by 42.8% in the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after buying an additional 3,275 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Summit Materials during the 3rd quarter worth approximately $168,000. Cubist Systematic Strategies LLC boosted its position in shares of Summit Materials by 626.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after purchasing an additional 7,420 shares during the period. Sheets Smith Wealth Management purchased a new position in shares of Summit Materials during the 3rd quarter worth approximately $230,000. Finally, Suffolk Capital Management LLC purchased a new position in shares of Summit Materials during the 4th quarter worth approximately $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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