Summit Materials (NYSE:SUM) announced its quarterly earnings data on Tuesday. The construction company reported $0.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.71 by ($0.17), Morningstar.com reports. The firm had revenue of $625.00 million for the quarter, compared to analyst estimates of $638.93 million. Summit Materials had a return on equity of 8.54% and a net margin of 5.16%. Summit Materials’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 EPS.
Summit Materials stock traded up $1.49 on Wednesday, reaching $15.50. The company’s stock had a trading volume of 1,203,857 shares, compared to its average volume of 4,063,159. The company has a debt-to-equity ratio of 1.41, a quick ratio of 1.26 and a current ratio of 2.07. The firm has a market cap of $1.69 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.72 and a beta of 1.80. Summit Materials has a twelve month low of $11.67 and a twelve month high of $34.06.
Institutional investors have recently bought and sold shares of the business. Bank of Montreal Can boosted its stake in Summit Materials by 55.1% in the second quarter. Bank of Montreal Can now owns 5,698 shares of the construction company’s stock worth $149,000 after purchasing an additional 2,025 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Summit Materials by 626.2% in the second quarter. Cubist Systematic Strategies LLC now owns 8,605 shares of the construction company’s stock worth $226,000 after purchasing an additional 7,420 shares in the last quarter. Sheets Smith Wealth Management acquired a new position in Summit Materials in the third quarter worth $230,000. Quantitative Systematic Strategies LLC acquired a new position in Summit Materials in the second quarter worth $312,000. Finally, Amalgamated Bank boosted its stake in Summit Materials by 15.8% in the second quarter. Amalgamated Bank now owns 17,117 shares of the construction company’s stock worth $449,000 after purchasing an additional 2,333 shares in the last quarter.
Several brokerages recently commented on SUM. Stephens set a $21.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Wednesday, October 17th. DA Davidson set a $28.00 price target on Summit Materials and gave the company a “buy” rating in a research note on Thursday, October 11th. ValuEngine lowered Summit Materials from a “sell” rating to a “strong sell” rating in a research note on Tuesday, September 11th. Stifel Nicolaus decreased their price target on Summit Materials from $38.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, August 3rd. Finally, Barclays decreased their price target on Summit Materials from $30.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.59.
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About Summit Materials
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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