Analysts Expect Summit Materials Inc (SUM) to Post -$0.57 Earnings Per Share

Wall Street analysts forecast that Summit Materials Inc (NYSE:SUM) will announce earnings of ($0.57) per share for the current quarter, Zacks reports. Five analysts have made estimates for Summit Materials’ earnings, with the lowest EPS estimate coming in at ($0.61) and the highest estimate coming in at ($0.45). Summit Materials posted earnings of ($0.55) per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 3.6%. The company is scheduled to announce its next quarterly earnings results on Tuesday, May 14th.

According to Zacks, analysts expect that Summit Materials will report full year earnings of $0.85 per share for the current year, with EPS estimates ranging from $0.56 to $1.15. For the next financial year, analysts forecast that the company will report earnings of $1.29 per share, with EPS estimates ranging from $0.92 to $1.69. Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for Summit Materials.

Summit Materials (NYSE:SUM) last released its quarterly earnings data on Wednesday, February 6th. The construction company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.20). The firm had revenue of $491.00 million during the quarter, compared to analyst estimates of $459.58 million. Summit Materials had a return on equity of 1.34% and a net margin of 1.68%. The firm’s revenue was up .2% on a year-over-year basis. During the same period last year, the business earned $0.43 EPS.

A number of analysts have recently issued reports on the stock. DA Davidson reduced their price target on shares of Summit Materials to $20.00 and set a “buy” rating for the company in a research report on Wednesday, January 2nd. Zacks Investment Research cut Summit Materials from a “hold” rating to a “strong sell” rating in a research note on Friday, February 8th. Citigroup decreased their price objective on Summit Materials from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, January 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Summit Materials in a report on Thursday, November 8th. Finally, Royal Bank of Canada set a $18.00 price objective on Summit Materials and gave the company a “buy” rating in a report on Wednesday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.00.

Shares of NYSE:SUM traded down $0.15 during trading hours on Thursday, hitting $17.56. 1,973,954 shares of the company’s stock traded hands, compared to its average volume of 1,934,631. Summit Materials has a 52 week low of $11.25 and a 52 week high of $33.02. The company has a current ratio of 2.27, a quick ratio of 1.45 and a debt-to-equity ratio of 1.35. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 117.07, a price-to-earnings-growth ratio of 1.85 and a beta of 1.88.

In related news, CFO Brian James Harris bought 2,000 shares of Summit Materials stock in a transaction dated Tuesday, December 4th. The shares were bought at an average cost of $13.38 per share, with a total value of $26,760.00. Following the acquisition, the chief financial officer now owns 74,584 shares in the company, valued at approximately $997,933.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas W. Hill bought 31,250 shares of Summit Materials stock in a transaction dated Friday, February 15th. The shares were bought at an average cost of $16.25 per share, for a total transaction of $507,812.50. Following the completion of the acquisition, the chief executive officer now owns 135,652 shares in the company, valued at approximately $2,204,345. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 35,250 shares of company stock worth $560,573. Insiders own 1.50% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SUM. Pearl River Capital LLC acquired a new stake in Summit Materials during the fourth quarter worth approximately $26,000. Bank of Montreal Can grew its position in Summit Materials by 42.8% in the fourth quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock worth $136,000 after acquiring an additional 3,275 shares in the last quarter. Xact Kapitalforvaltning AB grew its position in Summit Materials by 21.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 21,364 shares of the construction company’s stock worth $265,000 after acquiring an additional 3,800 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Summit Materials in the fourth quarter worth about $64,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Summit Materials by 18.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,742 shares of the construction company’s stock worth $418,000 after acquiring an additional 5,330 shares in the last quarter.

About Summit Materials

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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