JPMorgan Chase – Zacks: Analysts Expect Summit Materials, Inc. (NYSE:SUM) to Announce $0.60 EPS
Equities research analysts forecast that Summit Materials, Inc. (NYSE:SUM) will post earnings per share (EPS) of $0.60 for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Summit Materials’ earnings, with estimates ranging from $0.53 to $0.68. Summit Materials posted earnings per share of $0.50 in the same quarter last year, which would suggest a positive year over year growth rate of 20%. The company is expected to report its next earnings results on Tuesday, July 20th.
According to Zacks, analysts expect that Summit Materials will report full year earnings of $1.23 per share for the current fiscal year, with EPS estimates ranging from $1.08 to $1.66. For the next year, analysts anticipate that the business will post earnings of $1.49 per share, with EPS estimates ranging from $1.32 to $1.91. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Summit Materials.
Summit Materials (NYSE:SUM) last released its quarterly earnings results on Monday, May 10th. The construction company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.20. The firm had revenue of $398.50 million during the quarter, compared to analysts’ expectations of $353.77 million. Summit Materials had a net margin of 6.12% and a return on equity of 9.41%. The firm’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.48) EPS.
SUM has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Summit Materials from $31.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Stephens lifted their target price on Summit Materials from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday. Zacks Investment Research cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Friday. Barclays lifted their price objective on shares of Summit Materials from $22.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Summit Materials from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, January 22nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $27.50.
Shares of NYSE:SUM traded up $1.55 during trading hours on Friday, hitting $34.28. 59,321 shares of the company’s stock traded hands, compared to its average volume of 1,380,986. The firm has a market capitalization of $3.94 billion, a P/E ratio of 28.58 and a beta of 1.37. The business has a fifty day moving average price of $29.21 and a 200-day moving average price of $24.05. Summit Materials has a 1 year low of $10.37 and a 1 year high of $33.70. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.43 and a quick ratio of 1.84.
In other Summit Materials news, Director John Raymond Murphy sold 7,000 shares of the stock in a transaction on Thursday, March 18th. The stock was sold at an average price of $27.64, for a total transaction of $193,480.00. Following the sale, the director now owns 13,979 shares of the company’s stock, valued at approximately $386,379.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.54% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. purchased a new position in shares of Summit Materials in the 1st quarter worth approximately $25,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Summit Materials in the 1st quarter worth $32,000. International Assets Investment Management LLC acquired a new stake in shares of Summit Materials in the 4th quarter worth $38,000. Exane Derivatives boosted its position in shares of Summit Materials by 73.8% in the 4th quarter. Exane Derivatives now owns 2,548 shares of the construction company’s stock worth $51,000 after purchasing an additional 1,082 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of Summit Materials in the 4th quarter worth $53,000.
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 through 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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