Jefferies Financial Group Comments on Summit Materials Inc’s Q3 2020 Earnings (NYSE:SUM)

Summit Materials Inc (NYSE:SUM) – Investment analysts at Jefferies Financial Group issued their Q3 2020 EPS estimates for Summit Materials in a research note issued on Wednesday, October 9th. Jefferies Financial Group analyst P. Ng forecasts that the construction company will post earnings per share of $0.70 for the quarter. Jefferies Financial Group also issued estimates for Summit Materials’ Q4 2020 earnings at $0.20 EPS.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.07). The business had revenue of $600.90 million for the quarter, compared to analyst estimates of $583.06 million. Summit Materials had a return on equity of 1.68% and a net margin of 0.94%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 earnings per share.

A number of other analysts also recently issued reports on the company. Zacks Investment Research downgraded Summit Materials from a “buy” rating to a “hold” rating in a research report on Friday. Exane BNP Paribas initiated coverage on Summit Materials in a research report on Wednesday. They set an “outperform” rating for the company. JPMorgan Chase & Co. raised their price objective on Summit Materials from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. ValuEngine downgraded Summit Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus set a $28.00 price objective on Summit Materials and gave the stock a “buy” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $21.20.

Shares of NYSE:SUM opened at $22.20 on Thursday. The business has a 50-day moving average price of $21.68 and a 200 day moving average price of $18.26. The company has a current ratio of 2.06, a quick ratio of 1.38 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 148.00 and a beta of 2.17. Summit Materials has a 12-month low of $11.25 and a 12-month high of $23.48.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Eagle Asset Management Inc. grew its position in Summit Materials by 2.9% in the 2nd quarter. Eagle Asset Management Inc. now owns 3,221,682 shares of the construction company’s stock valued at $62,017,000 after acquiring an additional 90,210 shares in the last quarter. Aperio Group LLC grew its position in Summit Materials by 3.4% in the 2nd quarter. Aperio Group LLC now owns 53,824 shares of the construction company’s stock valued at $1,036,000 after acquiring an additional 1,795 shares in the last quarter. Public Employees Retirement Association of Colorado grew its position in Summit Materials by 60.9% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 900,371 shares of the construction company’s stock valued at $17,332,000 after acquiring an additional 340,914 shares in the last quarter. Janus Henderson Group PLC grew its position in Summit Materials by 8.0% in the 2nd quarter. Janus Henderson Group PLC now owns 9,831,283 shares of the construction company’s stock valued at $189,252,000 after acquiring an additional 730,386 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Summit Materials by 1.8% in the 2nd quarter. Wells Fargo & Company MN now owns 367,157 shares of the construction company’s stock valued at $7,068,000 after acquiring an additional 6,402 shares in the last quarter.

Summit Materials Company Profile

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Earnings History and Estimates for Summit Materials (NYSE:SUM)

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