Summit Materials, Inc. (NYSE:SUM) – Analysts at SunTrust Banks dropped their Q4 2017 earnings estimates for Summit Materials in a report released on Wednesday, Zacks Investment Research reports. SunTrust Banks analyst R. Seth now anticipates that the construction company will post earnings of $0.25 per share for the quarter, down from their previous forecast of $0.39. SunTrust Banks currently has a “Buy” rating and a $38.00 price target on the stock. SunTrust Banks also issued estimates for Summit Materials’ Q1 2018 earnings at ($0.54) EPS, Q3 2018 earnings at $0.92 EPS, Q4 2018 earnings at $0.48 EPS and FY2020 earnings at $2.01 EPS.
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 9.83%. 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.
Other equities analysts have also issued reports about the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $12.50 target price on shares of Summit Materials in a research report on Wednesday, November 8th. Royal Bank Of Canada reissued a “buy” rating on shares of Summit Materials in a research report on Thursday, November 2nd. Bank of America upped their price target on Summit Materials from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. BidaskClub raised Summit Materials from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th. Finally, Zacks Investment Research lowered Summit Materials from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $31.42.
Shares of Summit Materials (SUM) traded down $0.23 on Monday, hitting $31.23. The company’s stock had a trading volume of 983,400 shares, compared to its average volume of 1,457,891. Summit Materials has a one year low of $22.19 and a one year high of $32.69. The firm has a market cap of $3,275.82, a price-to-earnings ratio of 32.83, a price-to-earnings-growth ratio of 2.81 and a beta of 1.97. The company has a debt-to-equity ratio of 1.48, a quick ratio of 2.01 and a current ratio of 2.59.
In related news, CEO Thomas W. Hill sold 6,300 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $30.27, for a total transaction of $190,701.00. Following the completion of the transaction, the chief executive officer now directly owns 170,610 shares in the company, valued at approximately $5,164,364.70. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Damian John Murphy sold 100,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $30.66, for a total value of $3,066,000.00. Following the transaction, the executive vice president now owns 104,398 shares of the company’s stock, valued at $3,200,842.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 257,036 shares of company stock worth $7,884,062. Corporate insiders own 1.97% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of SUM. Spot Trading L.L.C. bought a new position in Summit Materials during the 1st quarter worth $545,000. Principal Financial Group Inc. grew its stake in Summit Materials by 96.9% during the 1st quarter. Principal Financial Group Inc. now owns 21,368 shares of the construction company’s stock worth $528,000 after buying an additional 10,515 shares during the last quarter. FMR LLC grew its stake in Summit Materials by 2.1% during the 1st quarter. FMR LLC now owns 420,458 shares of the construction company’s stock worth $10,390,000 after buying an additional 8,500 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Summit Materials by 254.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 928,539 shares of the construction company’s stock worth $22,944,000 after buying an additional 666,872 shares during the last quarter. Finally, KCG Holdings Inc. bought a new position in Summit Materials during the 1st quarter worth $247,000.
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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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