$596.97 Million in Sales Expected for Summit Materials Inc (SUM) This Quarter

Equities research analysts expect that Summit Materials Inc (NYSE:SUM) will post $596.97 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Summit Materials’ earnings. The lowest sales estimate is $574.00 million and the highest is $635.56 million. Summit Materials reported sales of $549.24 million in the same quarter last year, which indicates a positive year over year growth rate of 8.7%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, August 7th.

According to Zacks, analysts expect that Summit Materials will report full year sales of $2.09 billion for the current financial year, with estimates ranging from $2.01 billion to $2.25 billion. For the next fiscal year, analysts expect that the business will report sales of $2.21 billion, with estimates ranging from $2.10 billion to $2.38 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Summit Materials.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, May 8th. The construction company reported ($0.49) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.60) by $0.11. Summit Materials had a net margin of 0.97% and a return on equity of 1.78%. The business had revenue of $305.95 million during the quarter, compared to analysts’ expectations of $312.42 million. During the same quarter in the prior year, the company posted ($0.55) earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis.

Several research analysts recently commented on SUM shares. Scotiabank restated a “hold” rating on shares of Summit Materials in a report on Thursday, February 14th. Zacks Investment Research upgraded shares of Summit Materials from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Wednesday, March 20th. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a report on Thursday, March 21st. They set a “neutral” rating and a $19.00 target price for the company. Finally, Berenberg Bank initiated coverage on shares of Summit Materials in a research report on Wednesday, April 3rd. They set a “hold” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $21.82.

SUM traded down $0.33 during trading hours on Friday, hitting $15.93. 979,026 shares of the company’s stock were exchanged, compared to its average volume of 1,687,756. Summit Materials has a 1-year low of $11.25 and a 1-year high of $28.81. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 106.20, a PEG ratio of 2.12 and a beta of 1.92. The company has a current ratio of 1.97, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lockheed Martin Investment Management Co. bought a new stake in Summit Materials during the fourth quarter worth $1,061,000. Penn Capital Management Co. Inc. raised its position in Summit Materials by 26.6% during the first quarter. Penn Capital Management Co. Inc. now owns 909,376 shares of the construction company’s stock worth $15,393,000 after acquiring an additional 190,966 shares in the last quarter. Sciencast Management LP bought a new stake in Summit Materials during the first quarter worth $294,000. Renaissance Technologies LLC bought a new stake in Summit Materials during the third quarter worth $744,000. Finally, Jane Street Group LLC bought a new stake in Summit Materials during the fourth quarter worth $812,000.

About Summit Materials

Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, residential and nonresidential, and other markets. It operates in three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

Featured Story: Forex

Get a free copy of the Zacks research report on Summit Materials (SUM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Summit Materials (NYSE:SUM)

Receive News & Ratings for Summit Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Materials and related companies with MarketBeat.com's FREE daily email newsletter.