Summit Materials, Inc. (SUM) Releases Earnings Results, Misses Estimates By $0.09 EPS

Summit Materials, Inc. (NYSE:SUM) posted its quarterly earnings data on Wednesday, August 2nd. The construction company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.09, Bloomberg Earnings reports. The company had revenue of $478.37 million for the quarter, compared to the consensus estimate of $469.91 million. Summit Materials had a net margin of 2.46% and a return on equity of 9.90%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS.

Shares of Summit Materials (NYSE SUM) traded down 1.57% on Friday, hitting $28.15. The company’s stock had a trading volume of 849,348 shares. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 62.56 and a beta of 2.06. Summit Materials has a one year low of $17.48 and a one year high of $29.72. The stock has a 50-day moving average price of $28.76 and a 200 day moving average price of $26.37.

A number of research firms have commented on SUM. BidaskClub upgraded Summit Materials from a “strong sell” rating to a “sell” rating in a research note on Thursday. Royal Bank Of Canada reiterated an “outperform” rating and set a $35.00 target price (up from $33.00) on shares of Summit Materials in a research report on Wednesday. Zacks Investment Research upgraded Summit Materials from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 5th. TheStreet upgraded Summit Materials from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $35.00 price objective on shares of Summit Materials in a research report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $30.43.

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In other Summit Materials news, insider Thomas W. Hill sold 250,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $29.30, for a total value of $7,325,000.00. Following the completion of the transaction, the insider now directly owns 70,610 shares in the company, valued at $2,068,873. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Douglas Charles Rauh sold 19,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $26.81, for a total transaction of $509,390.00. Following the completion of the transaction, the insider now owns 26,313 shares of the company’s stock, valued at $705,451.53. The disclosure for this sale can be found here. In the last three months, insiders have sold 486,447 shares of company stock worth $14,034,775. 1.97% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its stake in Summit Materials by 0.8% in the second quarter. Teacher Retirement System of Texas now owns 8,539 shares of the construction company’s stock valued at $247,000 after buying an additional 64 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Summit Materials by 4.4% in the second quarter. Venturi Wealth Management LLC now owns 8,541 shares of the construction company’s stock valued at $247,000 after buying an additional 360 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Summit Materials by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,013 shares of the construction company’s stock valued at $145,000 after buying an additional 510 shares in the last quarter. Amalgamated Bank boosted its stake in Summit Materials by 5.5% in the second quarter. Amalgamated Bank now owns 12,940 shares of the construction company’s stock valued at $374,000 after buying an additional 672 shares in the last quarter. Finally, Princeton Capital Management Inc. boosted its stake in Summit Materials by 2.4% in the second quarter. Princeton Capital Management Inc. now owns 34,915 shares of the construction company’s stock valued at $1,008,000 after buying an additional 815 shares in the last quarter.

Summit Materials Company Profile

Summit Materials, Inc is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company’s materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans.

Earnings History for Summit Materials (NYSE:SUM)

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