Zacks: Brokerages Anticipate Summit Materials, Inc. (SUM) Will Post Quarterly Sales of $456.08 Million

Wall Street brokerages expect Summit Materials, Inc. (NYSE:SUM) to post $456.08 million in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Summit Materials’ earnings, with the highest sales estimate coming in at $479.90 million and the lowest estimate coming in at $441.00 million. Summit Materials reported sales of $422.97 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.8%. The company is scheduled to report its next earnings report on Wednesday, February 28th.

According to Zacks, analysts expect that Summit Materials will report full-year sales of $456.08 million for the current financial year, with estimates ranging from $1.75 billion to $1.92 billion. For the next fiscal year, analysts expect that the business will post sales of $1.95 billion per share, with estimates ranging from $1.89 billion to $2.07 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Summit Materials.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Monday, October 30th. The construction company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.10). The firm had revenue of $634.18 million for the quarter, compared to analysts’ expectations of $558.93 million. Summit Materials had a return on equity of 9.83% and a net margin of 4.09%. The company’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.73 earnings per share.

Several research firms have commented on SUM. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. SunTrust Banks set a $38.00 price objective on Summit Materials and gave the stock a “buy” rating in a report on Tuesday, October 24th. Bank of America raised their price objective on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Royal Bank of Canada restated a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Finally, Barclays began coverage on Summit Materials in a report on Tuesday, December 12th. They set an “equal weight” rating and a $32.00 price objective on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. Summit Materials currently has an average rating of “Hold” and a consensus price target of $31.50.

Summit Materials (NYSE SUM) traded down $0.09 on Monday, reaching $30.13. The company’s stock had a trading volume of 1,662,900 shares, compared to its average volume of 1,451,198. The stock has a market cap of $3,314.00, a P/E ratio of 33.21, a P/E/G ratio of 2.84 and a beta of 1.97. Summit Materials has a one year low of $22.19 and a one year high of $32.69. The company has a debt-to-equity ratio of 1.48, a current ratio of 2.59 and a quick ratio of 2.01.

In other Summit Materials news, insider Douglas Charles Rauh sold 26,324 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $31.36, for a total transaction of $825,520.64. Following the sale, the insider now owns 18,724 shares of the company’s stock, valued at approximately $587,184.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas W. Hill sold 12,500 shares of the stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $31.56, for a total value of $394,500.00. Following the sale, the insider now directly owns 164,310 shares in the company, valued at approximately $5,185,623.60. The disclosure for this sale can be found here. Insiders have sold a total of 216,442 shares of company stock worth $6,814,142 in the last ninety days. Insiders own 1.97% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in SUM. Teacher Retirement System of Texas boosted its position in shares of Summit Materials by 0.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock worth $247,000 after purchasing an additional 64 shares in the last quarter. Venturi Wealth Management LLC boosted its position in shares of Summit Materials by 4.4% in the 2nd quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock worth $247,000 after purchasing an additional 360 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Summit Materials by 4.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,400 shares of the construction company’s stock worth $271,000 after purchasing an additional 443 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Summit Materials by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock worth $145,000 after purchasing an additional 510 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of Summit Materials by 5.5% in the 2nd quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock worth $374,000 after purchasing an additional 672 shares in the last quarter.

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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.

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