Summit Materials (NYSE:SUM) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Summit Materials (NYSE:SUM) issued its quarterly earnings results on Monday. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05, Briefing.com reports. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a net margin of 8.36% and a return on equity of 7.33%. The business’s revenue for the quarter was up 58.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.71 earnings per share.

Summit Materials Price Performance

Shares of SUM traded up $0.39 during mid-day trading on Wednesday, hitting $38.36. The company’s stock had a trading volume of 285,907 shares, compared to its average volume of 978,076. The firm has a market capitalization of $6.73 billion, a P/E ratio of 17.36 and a beta of 1.15. Summit Materials has a 1-year low of $29.98 and a 1-year high of $44.89. The firm has a 50-day simple moving average of $37.79 and a 200 day simple moving average of $39.48. The company has a current ratio of 2.58, a quick ratio of 1.93 and a debt-to-equity ratio of 0.66.

Insider Activity

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $40.21, for a total transaction of $2,034,183.69. Following the transaction, the insider now directly owns 60,630 shares in the company, valued at $2,437,932.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Royal Bank of Canada upped their price objective on Summit Materials from $44.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Friday, May 3rd. Stifel Nicolaus lowered their price objective on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Stephens reiterated an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a report on Tuesday. Finally, Truist Financial reduced their price objective on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.78.

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.