Summit Materials Inc (NYSE:SUM) Reports Quarterly Results
Summit Materials Inc (NYSE:SUM – Get Rating) released its results on Wednesday. The construction company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.03), MarketWatch Earnings reports. The company posted revenue of $392.50 million for the quarter, versus a consensus estimate of $395.55 million. Summit Materials had a net margin of 5.84% and a return on equity of 7.00%. The company’s revenue was down 1.5% year over year. During the same quarter of the previous year, the company posted EPS ($0.33).
NYSE SUM traded at $1.57 on Friday, hitting $27.20. The company had a trading volume of 1,335,957 shares, compared to an average volume of 618,589. The company has a market capitalization of $3.23 billion, a price-earnings ratio of 23.05 and a beta of 1 ,30. The company has a debt ratio of 0.87, a quick ratio of 2.23 and a current ratio of 2.81. Summit Materials has a 1-year low of $26.40 and a 1-year high of $41.46. The company’s fifty-day moving average is $29.75 and its 200-day moving average is $34.70.
Several brokerages have recently published reports on SUM. Morgan Stanley cut its price target on Summit Materials shares from $42.00 to $41.00 and set an “equal weight” rating for the company in a Monday, April 18 report. Zacks Investment Research downgraded shares of Summit Materials from a “strong buy” rating to a “hold” rating in a Thursday, April 28 report. StockNews.com upgraded shares of Summit Materials from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Barclays raised its price target on Summit Materials shares from $35.00 to $40.00 and gave the company an “equal weight” rating in a Thursday, January 13 report. Seven research analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, Summit Materials currently has an average rating of “Hold” and a consensus price target of $39.36.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Summit Materials by 2.0% during the 4th quarter. BlackRock Inc. now owns 8,974,433 shares of the construction company worth $360,235,000 after buying an additional 172,210 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Summit Materials by 4.8% during the 4th quarter. Wells Fargo & Company MN now owns 355,387 shares of the construction company worth $14,264,000 after purchasing an additional 16,386 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Summit Materials by 8.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,189,364 shares of the construction company worth $87,881,000 after buying an additional 174,322 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Summit Materials shares by 0.8% during the 4th quarter. Allianz Asset Management GmbH now owns 365,994 shares in the construction company worth $14,691,000 after buying an additional 3,020 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Summit Materials shares by 4.5% during the 4th quarter. Deutsche Bank AG now owns 77,145 shares of the construction company worth $3,096,000 after buying an additional 3,340 shares in the last quarter.
About Summit Materials (Get a rating)
Summit Materials, Inc., through its subsidiaries, produces and sells building materials and related downstream products for public infrastructure and residential and non-residential end markets. It operates through three segments: West, East and Cement. The Company’s products include aggregates, cement, ready-mixed concrete, asphalt mixes and concrete products, as well as plastic components.
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