Summit Materials Inc (NYSE:SUM) – Equities research analysts at DA Davidson boosted their Q2 2018 EPS estimates for Summit Materials in a research report issued to clients and investors on Thursday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $0.57 per share for the quarter, up from their prior estimate of $0.53. DA Davidson also issued estimates for Summit Materials’ Q3 2018 earnings at $1.02 EPS, Q4 2018 earnings at $0.50 EPS, FY2018 earnings at $1.55 EPS and FY2019 earnings at $2.11 EPS.
SUM has been the subject of several other research reports. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, February 13th. TheStreet lowered Summit Materials from a “b” rating to a “c” rating in a report on Thursday, February 8th. Deutsche Bank lifted their target price on Summit Materials from $35.00 to $38.00 and gave the company a “buy” rating in a report on Thursday. Bank of America lifted their target price on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Summit Materials in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. Summit Materials has an average rating of “Buy” and an average target price of $33.28.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.24. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. The company had revenue of $490.02 million during the quarter, compared to analyst estimates of $449.45 million. During the same quarter last year, the firm posted $0.06 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis.
In other Summit Materials news, EVP Damian John Murphy sold 115,118 shares of Summit Materials stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $31.75, for a total transaction of $3,654,996.50. Following the completion of the transaction, the executive vice president now owns 66,440 shares of the company’s stock, valued at approximately $2,109,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $30.84, for a total value of $385,500.00. Following the transaction, the insider now directly owns 201,810 shares of the company’s stock, valued at approximately $6,223,820.40. The disclosure for this sale can be found here. Insiders have sold a total of 196,418 shares of company stock valued at $6,131,924 in the last ninety days. Insiders own 1.97% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of SUM. Janus Henderson Group PLC boosted its position in shares of Summit Materials by 42.5% during the 3rd quarter. Janus Henderson Group PLC now owns 6,012,622 shares of the construction company’s stock valued at $192,584,000 after acquiring an additional 1,792,448 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Summit Materials by 32.9% during the 3rd quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock valued at $166,353,000 after acquiring an additional 1,285,287 shares during the last quarter. Banbury Partners LLC bought a new stake in shares of Summit Materials during the 3rd quarter valued at about $28,025,000. Renaissance Technologies LLC bought a new stake in shares of Summit Materials during the 4th quarter valued at about $23,885,000. Finally, Victory Capital Management Inc. boosted its position in shares of Summit Materials by 62.1% during the 3rd quarter. Victory Capital Management Inc. now owns 1,668,007 shares of the construction company’s stock valued at $53,426,000 after acquiring an additional 639,312 shares during the last quarter.
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.
Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.