Summit Materials Inc (NYSE:SUM) – DA Davidson raised their Q2 2018 earnings estimates for shares of Summit Materials in a report issued on Thursday, Zacks Investment Research reports. DA Davidson analyst B. Thielman now anticipates that the construction company will earn $0.57 per share for the quarter, up from their prior forecast of $0.53. DA Davidson also issued estimates for Summit Materials’ Q3 2018 earnings at $1.02 EPS, Q4 2018 earnings at $0.50 EPS, FY2018 earnings at $1.55 EPS and FY2019 earnings at $2.11 EPS.
Other equities analysts have also recently issued reports about the company. Barclays began coverage on Summit Materials in a report on Tuesday, December 12th. They set an “equal weight” rating and a $32.00 price objective on the stock. Zacks Investment Research cut Summit Materials from a “hold” rating to a “sell” rating in a report on Tuesday, February 13th. TheStreet cut Summit Materials from a “b” rating to a “c” rating in a report on Thursday, February 8th. Goldman Sachs Group raised Summit Materials from a “neutral” rating to a “buy” rating in a research note on Monday, February 26th. Finally, Deutsche Bank lifted their price target on Summit Materials from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Summit Materials presently has a consensus rating of “Buy” and an average price target of $33.28.
Summit Materials (NYSE:SUM) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.24. The company had revenue of $490.02 million for the quarter, compared to analysts’ expectations of $449.45 million. Summit Materials had a return on equity of 11.51% and a net margin of 6.19%. Summit Materials’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period last year, the firm posted $0.06 EPS.
Several hedge funds have recently modified their holdings of SUM. Janus Henderson Group PLC grew its position in shares of Summit Materials by 42.5% in the 3rd quarter. Janus Henderson Group PLC now owns 6,012,622 shares of the construction company’s stock worth $192,584,000 after buying an additional 1,792,448 shares during the last quarter. Jennison Associates LLC grew its position in shares of Summit Materials by 32.9% in the 3rd quarter. Jennison Associates LLC now owns 5,193,672 shares of the construction company’s stock worth $166,353,000 after buying an additional 1,285,287 shares during the last quarter. Banbury Partners LLC bought a new stake in shares of Summit Materials in the 3rd quarter worth approximately $28,025,000. Renaissance Technologies LLC bought a new stake in shares of Summit Materials in the 4th quarter worth approximately $23,885,000. Finally, Victory Capital Management Inc. grew its position in shares of Summit Materials by 62.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,668,007 shares of the construction company’s stock worth $53,426,000 after buying an additional 639,312 shares during the last quarter.
In other Summit Materials news, insider Thomas W. Hill sold 12,500 shares of Summit Materials stock in a transaction that occurred on Thursday, December 21st. The stock was sold at an average price of $30.25, for a total value of $378,125.00. Following the transaction, the insider now directly owns 189,310 shares of the company’s stock, valued at approximately $5,726,627.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Raymond Murphy sold 5,000 shares of Summit Materials stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $32.62, for a total value of $163,100.00. The disclosure for this sale can be found here. Insiders sold a total of 153,924 shares of company stock worth $4,862,288 over the last ninety days. Insiders own 1.97% of the company’s stock.
About Summit Materials
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.
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