SunTrust Banks Analysts Cut Earnings Estimates for Summit Materials Inc (SUM)

Summit Materials Inc (NYSE:SUM) – Research analysts at SunTrust Banks decreased their Q3 2018 earnings per share estimates for Summit Materials in a report issued on Wednesday, October 10th. SunTrust Banks analyst R. Seth now anticipates that the construction company will post earnings per share of $0.62 for the quarter, down from their previous forecast of $0.77. SunTrust Banks also issued estimates for Summit Materials’ FY2018 earnings at $0.64 EPS, Q1 2019 earnings at ($0.48) EPS, Q2 2019 earnings at $0.37 EPS, Q3 2019 earnings at $0.67 EPS, Q4 2019 earnings at $0.28 EPS, FY2019 earnings at $0.84 EPS and FY2020 earnings at $0.86 EPS.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Wednesday, August 1st. The construction company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.24). Summit Materials had a net margin of 5.16% and a return on equity of 8.54%. The business had revenue of $549.24 million during the quarter, compared to the consensus estimate of $546.76 million. During the same quarter in the prior year, the firm posted $0.47 EPS. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year.

Other equities research analysts have also issued research reports about the stock. Citigroup reduced their price target on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating for the company in a report on Monday, July 23rd. DA Davidson set a $28.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a research note on Thursday, October 11th. Stifel Nicolaus reduced their price objective on shares of Summit Materials from $38.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. Stephens set a $24.00 price objective on shares of Summit Materials and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $35.00 price objective on shares of Summit Materials in a research note on Sunday, July 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $30.21.

NYSE:SUM opened at $15.74 on Monday. Summit Materials has a one year low of $15.36 and a one year high of $34.06. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.07 and a quick ratio of 1.26. The stock has a market capitalization of $2.03 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.77 and a beta of 1.52.

In other Summit Materials news, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction that occurred on Thursday, July 19th. The shares were sold at an average price of $26.10, for a total transaction of $326,250.00. Following the transaction, the chief executive officer now owns 110,602 shares in the company, valued at approximately $2,886,712.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Karl Watson purchased 35,500 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were bought at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the purchase, the chief operating officer now directly owns 23,700 shares in the company, valued at approximately $501,255. The disclosure for this purchase can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Bank of Montreal Can increased its stake in Summit Materials by 55.1% during the 2nd quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock valued at $149,000 after purchasing an additional 2,025 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Summit Materials by 15.8% in the 2nd quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock valued at $449,000 after acquiring an additional 2,333 shares during the last quarter. Princeton Capital Management LLC boosted its holdings in shares of Summit Materials by 10.6% in the 2nd quarter. Princeton Capital Management LLC now owns 33,471 shares of the construction company’s stock valued at $879,000 after acquiring an additional 3,202 shares during the last quarter. Xact Kapitalforvaltning AB boosted its holdings in shares of Summit Materials by 23.1% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,564 shares of the construction company’s stock valued at $461,000 after acquiring an additional 3,300 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Summit Materials by 2.0% in the 2nd quarter. Swiss National Bank now owns 193,959 shares of the construction company’s stock valued at $5,091,000 after acquiring an additional 3,800 shares during 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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Earnings History and Estimates for Summit Materials (NYSE:SUM)

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