Summit Materials, Inc. (NYSE:SUM) – Investment analysts at DA Davidson dropped their FY2017 earnings per share estimates for shares of Summit Materials in a research note issued to investors on Monday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $0.99 per share for the year, down from their previous forecast of $1.21. DA Davidson also issued estimates for Summit Materials’ Q4 2017 earnings at $0.26 EPS, Q1 2018 earnings at ($0.51) EPS and Q3 2018 earnings at $0.98 EPS.
A number of other analysts have also issued reports on SUM. Zacks Investment Research lowered Summit Materials from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub raised Summit Materials from a “hold” rating to a “buy” rating in a report on Saturday, July 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $35.00 target price on shares of Summit Materials in a report on Thursday, August 3rd. Royal Bank Of Canada raised their target price on Summit Materials from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, August 3rd. Finally, TheStreet raised Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Summit Materials presently has an average rating of “Hold” and an average target price of $33.83.
Summit Materials (NYSE:SUM) last announced its earnings results on Monday, October 30th. The construction company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by ($0.10). Summit Materials had a net margin of 4.09% and a return on equity of 10.35%. The business had revenue of $634.18 million during the quarter, compared to analyst estimates of $558.93 million. During the same period in the previous year, the company earned $0.73 earnings per share. The business’s revenue for the quarter was up 19.8% on a year-over-year basis.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Legato Capital Management LLC bought a new position in Summit Materials in the 3rd quarter valued at $308,000. Artemis Investment Management LLP raised its position in Summit Materials by 68.1% in the 3rd quarter. Artemis Investment Management LLP now owns 637,956 shares of the construction company’s stock valued at $20,443,000 after purchasing an additional 258,502 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in Summit Materials by 2.8% in the 3rd quarter. Public Employees Retirement Association of Colorado now owns 918,900 shares of the construction company’s stock valued at $29,432,000 after purchasing an additional 25,100 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new position in Summit Materials in the 3rd quarter valued at $705,000. Finally, Parametrica Management Ltd bought a new position in Summit Materials in the 3rd quarter valued at $432,000.
In related news, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $29.30, for a total transaction of $7,325,000.00. Following the completion of the transaction, the insider now owns 70,610 shares in the company, valued at approximately $2,068,873. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas W. Hill sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $32.12, for a total value of $401,500.00. Following the transaction, the insider now owns 139,310 shares of the company’s stock, valued at approximately $4,474,637.20. The disclosure for this sale can be found here. Insiders have sold a total of 616,433 shares of company stock valued at $18,267,484 in the last 90 days. 1.97% of the stock is owned by corporate insiders.
Summit Materials Company Profile
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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