Summit Materials (SUM) Announces Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Summit Materials (NYSE:SUM) posted its quarterly earnings results on Wednesday, May 8th. The construction company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.11, Morningstar.com reports. The firm had revenue of $305.95 million during the quarter, compared to analyst estimates of $312.42 million. Summit Materials had a return on equity of 1.78% and a net margin of 0.97%. Summit Materials’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.55) EPS.

NYSE:SUM traded down $0.26 during mid-day trading on Friday, reaching $13.98. The company’s stock had a trading volume of 1,767,300 shares, compared to its average volume of 1,698,779. Summit Materials has a 12-month low of $11.25 and a 12-month high of $28.81. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.14 and a current ratio of 1.97. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 93.20, a price-to-earnings-growth ratio of 1.80 and a beta of 1.92.

Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Summit Materials from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 1st. Scotiabank reaffirmed a “hold” rating on shares of Summit Materials in a research report on Thursday, February 14th. Berenberg Bank assumed coverage on Summit Materials in a research report on Wednesday, April 3rd. They issued a “hold” rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. assumed coverage on Summit Materials in a research report on Thursday, March 21st. They issued a “neutral” rating and a $19.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Summit Materials has an average rating of “Hold” and an average price target of $20.50.

Institutional investors have recently added to or reduced their stakes in the business. Pearl River Capital LLC bought a new stake in shares of Summit Materials during the 4th quarter valued at about $26,000. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Summit Materials by 40.6% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,586 shares of the construction company’s stock valued at $57,000 after purchasing an additional 1,036 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Summit Materials during the 4th quarter valued at about $64,000. FCA Corp TX bought a new stake in shares of Summit Materials during the 4th quarter valued at about $106,000. Finally, Bank of Montreal Can grew its stake in shares of Summit Materials by 42.8% during the 4th quarter. Bank of Montreal Can now owns 10,929 shares of the construction company’s stock valued at $136,000 after purchasing an additional 3,275 shares during the period.

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Summit Materials Company Profile

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

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Earnings History for Summit Materials (NYSE:SUM)

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