Summit Materials, Inc. (NYSE:SUM) – DA Davidson cut their Q3 2017 earnings per share (EPS) estimates for shares of Summit Materials in a research note issued to investors on Wednesday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings per share of $0.82 for the quarter, down from their previous estimate of $0.89. DA Davidson also issued estimates for Summit Materials’ FY2017 earnings at $1.21 EPS.
A number of other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. BidaskClub cut shares of Summit Materials from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $35.00 target price (up from $33.00) on shares of Summit Materials in a report on Wednesday, August 9th. TheStreet raised shares of Summit Materials from a “c+” rating to a “b” rating in a report on Wednesday, August 2nd. Finally, 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. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Summit Materials presently has a consensus rating of “Hold” and a consensus target price of $32.20.
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Summit Materials (SUM) opened at 31.51 on Friday. Summit Materials has a 1-year low of $18.05 and a 1-year high of $32.69. The company has a market cap of $3.39 billion, a price-to-earnings ratio of 70.02 and a beta of 2.08. The company’s 50 day moving average is $31.20 and its 200 day moving average is $31.20.
Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.09). The firm had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a return on equity of 9.90% and a net margin of 2.46%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 EPS.
In related news, insider Thomas W. Hill sold 250,000 shares of Summit Materials stock in a transaction on Monday, August 7th. The shares were sold at an average price of $29.30, for a total value of $7,325,000.00. Following the transaction, the insider now directly owns 70,610 shares in the company, valued at approximately $2,068,873. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $28.75, for a total transaction of $359,375.00. Following the completion of the transaction, the insider now owns 20,610 shares in the company, valued at $592,537.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 622,733 shares of company stock worth $18,406,421. 1.97% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Summit Materials by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 8,524,048 shares of the construction company’s stock worth $246,089,000 after purchasing an additional 70,684 shares in the last quarter. BlackRock Inc. boosted its position in shares of Summit Materials by 57,208.1% during the 1st quarter. BlackRock Inc. now owns 7,522,836 shares of the construction company’s stock worth $185,890,000 after purchasing an additional 7,509,709 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Summit Materials during the 2nd quarter worth $121,836,000. Janus Capital Management LLC boosted its position in shares of Summit Materials by 11.3% during the 1st quarter. Janus Capital Management LLC now owns 4,076,189 shares of the construction company’s stock worth $100,723,000 after purchasing an additional 412,239 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Summit Materials by 23.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,344,808 shares of the construction company’s stock worth $96,565,000 after purchasing an additional 645,543 shares in 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.
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