Summit Materials Inc (NYSE:SUM) – Equities researchers at SunTrust Banks dropped their FY2018 earnings estimates for Summit Materials in a research note issued on Tuesday. SunTrust Banks analyst R. Seth now expects that the construction company will post earnings per share of $1.38 for the year, down from their prior forecast of $1.40. SunTrust Banks also issued estimates for Summit Materials’ FY2019 earnings at $1.69 EPS.
SUM has been the subject of several other reports. Zacks Investment Research downgraded Summit Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, February 13th. TheStreet downgraded Summit Materials from a “b” rating to a “c” rating in a research note on Thursday, February 8th. Deutsche Bank upped their price target on Summit Materials from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. Bank of America upped their price target on Summit Materials from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Finally, Royal Bank of Canada restated a “buy” rating on shares of Summit Materials in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. Summit Materials has an average rating of “Buy” and an average target price of $33.28.
Summit Materials (NYSE:SUM) opened at $31.74 on Thursday. Summit Materials has a 52 week low of $22.19 and a 52 week high of $34.06. The company has a quick ratio of 2.40, a current ratio of 3.13 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $3,454.77, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 2.02 and a beta of 1.81.
Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $490.02 million during the quarter, compared to the consensus estimate of $449.45 million. During the same period in the prior year, the company posted $0.06 EPS. The firm’s revenue for the quarter was up 15.8% compared to the same quarter last year.
In other news, EVP Damian John Murphy sold 115,118 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 66,440 shares of the company’s stock, valued at approximately $2,109,470. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Raymond Murphy sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $32.62, for a total value of $163,100.00. The disclosure for this sale can be found here. Insiders have sold a total of 196,575 shares of company stock worth $6,170,840 over the last ninety days. Insiders own 1.97% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can raised its holdings in shares of Summit Materials by 310.5% during the 4th quarter. Bank of Montreal Can now owns 3,325 shares of the construction company’s stock worth $104,000 after acquiring an additional 2,515 shares in the last quarter. First Manhattan Co. purchased a new stake in Summit Materials during the 3rd quarter valued at $160,000. Cubist Systematic Strategies LLC purchased a new stake in Summit Materials during the 3rd quarter valued at $180,000. Daiwa Securities Group Inc. purchased a new stake in Summit Materials during the 3rd quarter valued at $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Summit Materials by 39.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,998 shares of the construction company’s stock valued at $220,000 after buying an additional 1,985 shares during the period.
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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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