Equities Analysts Set Expectations for Summit Materials Inc’s Q2 2019 Earnings (SUM)

Summit Materials Inc (NYSE:SUM) – Investment analysts at Jefferies Financial Group cut their Q2 2019 EPS estimates for shares of Summit Materials in a research report issued on Wednesday, November 7th. Jefferies Financial Group analyst P. Ng now anticipates that the construction company will earn $0.55 per share for the quarter, down from their prior estimate of $0.58. Jefferies Financial Group currently has a “Buy” rating and a $24.00 price target on the stock. Jefferies Financial Group also issued estimates for Summit Materials’ Q3 2019 earnings at $0.82 EPS.

SUM has been the subject of a number of other research reports. ValuEngine cut Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus cut their price target on 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 $21.00 price target on Summit Materials and gave the stock a “buy” rating in a research note on Wednesday, October 17th. Royal Bank of Canada set a $18.00 price target on Summit Materials and gave the stock a “buy” rating in a research note on Wednesday. Finally, Citigroup set a $21.00 price target on Summit Materials and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $26.70.

Shares of NYSE SUM opened at $13.82 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.30 and a quick ratio of 1.26. Summit Materials has a twelve month low of $11.67 and a twelve month high of $34.06. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.66 and a beta of 1.80.

Summit Materials (NYSE:SUM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.21). Summit Materials had a net margin of 4.64% and a return on equity of 6.74%. The firm had revenue of $625.00 million during the quarter, compared to analysts’ expectations of $638.93 million. During the same quarter in the prior year, the firm posted $0.73 EPS. Summit Materials’s quarterly revenue was up 8.8% compared to the same quarter last year.

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after acquiring an additional 2,025 shares in the last quarter. Amalgamated Bank raised its position in Summit Materials by 15.8% in the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock worth $449,000 after acquiring an additional 2,333 shares in the last quarter. Princeton Capital Management LLC raised its position in Summit Materials by 10.6% in the second quarter. Princeton Capital Management LLC now owns 33,471 shares of the construction company’s stock worth $879,000 after acquiring an additional 3,202 shares in the last quarter. Xact Kapitalforvaltning AB raised its position in Summit Materials by 23.1% in the second quarter. Xact Kapitalforvaltning AB now owns 17,564 shares of the construction company’s stock worth $461,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Swiss National Bank raised its position in Summit Materials by 2.0% in the second quarter. Swiss National Bank now owns 193,959 shares of the construction company’s stock worth $5,091,000 after acquiring an additional 3,800 shares in 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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