Research Analysts Set Expectations for Summit Materials Inc’s Q3 2018 Earnings (SUM)

Summit Materials Inc (NYSE:SUM) – Equities research analysts at DA Davidson dropped their Q3 2018 earnings per share estimates for shares of Summit Materials in a research note issued on Thursday, October 11th. DA Davidson analyst B. Thielman now anticipates that the construction company will earn $0.72 per share for the quarter, down from their previous forecast of $0.78. DA Davidson currently has a “Buy” rating and a $28.00 price target on the stock. DA Davidson also issued estimates for Summit Materials’ Q4 2018 earnings at $0.47 EPS, FY2018 earnings at $0.97 EPS and FY2019 earnings at $1.45 EPS.

A number of other analysts have also recently weighed in on SUM. TheStreet cut shares of Summit Materials from a “b” rating to a “c+” rating in a report on Thursday, June 21st. Royal Bank of Canada reissued a “buy” rating and set a $35.00 target price on shares of Summit Materials in a report on Sunday, July 1st. Citigroup dropped their target price on shares of Summit Materials from $38.00 to $37.00 and set a “$25.50” rating on the stock in a report on Monday, July 23rd. ValuEngine cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 24th. Finally, Zacks Investment Research raised shares of Summit Materials from a “strong sell” rating to a “hold” rating in a report on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $30.21.

Shares of NYSE:SUM opened at $15.60 on Monday. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 16.76, a price-to-earnings-growth ratio of 1.77 and a beta of 1.52. Summit Materials has a 1-year low of $15.36 and a 1-year high of $34.06. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07.

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

Institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC grew its position in shares of Summit Materials by 626.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after acquiring an additional 7,420 shares during the last quarter. Osterweis Capital Management Inc. increased its holdings in Summit Materials by 99.3% in the second quarter. Osterweis Capital Management Inc. now owns 220,425 shares of the construction company’s stock worth $5,786,000 after buying an additional 109,825 shares during the last quarter. Luminus Management LLC increased its holdings in Summit Materials by 41.0% in the second quarter. Luminus Management LLC now owns 2,120,263 shares of the construction company’s stock worth $55,657,000 after buying an additional 616,795 shares during the last quarter. Clearfield Capital Management LP increased its holdings in Summit Materials by 13.6% in the second quarter. Clearfield Capital Management LP now owns 754,188 shares of the construction company’s stock worth $19,797,000 after buying an additional 90,000 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Summit Materials by 6.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 689,894 shares of the construction company’s stock worth $18,110,000 after buying an additional 41,526 shares during the last quarter.

In other news, COO Karl Watson purchased 35,500 shares of the stock in a transaction dated Friday, August 3rd. The stock was acquired at an average price of $21.15 per share, for a total transaction of $750,825.00. Following the completion of the transaction, the chief operating officer now owns 23,700 shares of the company’s stock, valued at $501,255. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas W. Hill sold 12,500 shares of the company’s stock in a transaction dated Thursday, July 19th. The stock was 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 of the company’s stock, valued at approximately $2,886,712.20. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.

Summit Materials Company Profile

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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