Summit Materials (NYSE:SUM) Releases Earnings Results, Beats Estimates By $0.05 EPS

Summit Materials (NYSE:SUM) issued its quarterly earnings results on Monday. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05, Briefing.com reports. Summit Materials had a return on equity of 7.33% and a net margin of 8.36%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the company earned $0.71 earnings per share. Summit Materials’s revenue was up 58.1% on a year-over-year basis.

Summit Materials Trading Up 1.0 %

SUM stock traded up $0.39 during trading on Wednesday, reaching $38.36. 285,907 shares of the stock were exchanged, compared to its average volume of 978,076. The business has a 50 day moving average price of $37.79 and a 200-day moving average price of $39.48. Summit Materials has a 1 year low of $29.98 and a 1 year high of $44.89. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of 17.36 and a beta of 1.15.

Insider Transactions at Summit Materials

In related news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $40.21, for a total value of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SUM. Wolfe Research raised shares of Summit Materials from a “peer perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research report on Wednesday, May 15th. Stephens restated an “overweight” rating and issued a $47.00 price target on shares of Summit Materials in a report on Tuesday. Royal Bank of Canada lifted their price objective on shares of Summit Materials from $44.00 to $46.00 and gave the company a “sector perform” rating in a report on Friday, May 3rd. Citigroup lowered their target price on Summit Materials from $51.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, July 11th. Finally, Stifel Nicolaus cut their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average price target of $46.78.

Summit Materials Company Profile

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.