Summit Materials (NYSE:SUM) Announces Earnings Results

Summit Materials (NYSE:SUM) issued its quarterly earnings results on Wednesday. The construction company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05, Briefing.com reports. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 7.30% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.81 earnings per share.

Summit Materials Trading Up 0.1 %

Shares of NYSE SUM traded up $0.06 during trading hours on Friday, hitting $47.47. 182,138 shares of the company traded hands, compared to its average volume of 1,045,600. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 58.01 and a beta of 1.17. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The company’s 50 day moving average price is $39.52 and its 200 day moving average price is $38.88. Summit Materials has a 12 month low of $32.32 and a 12 month high of $48.22.

Analysts Set New Price Targets

A number of analysts have commented on the company. DA Davidson restated a “neutral” rating and issued a $41.00 price target on shares of Summit Materials in a research report on Tuesday, October 15th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $52.00 in a research report on Tuesday. Jefferies Financial Group cut their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Stephens restated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday, August 6th. Finally, Morgan Stanley started coverage on Summit Materials in a report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.50.

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.