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

Summit Materials (NYSE:SUM) announced its quarterly earnings data 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 company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.17 billion. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. Summit Materials’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS.

Summit Materials Stock Performance

Shares of NYSE SUM traded up $1.42 during mid-day trading on Thursday, hitting $47.84. The company had a trading volume of 1,059,605 shares, compared to its average volume of 1,043,720. The business’s 50-day simple moving average is $39.35 and its 200-day simple moving average is $38.82. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. Summit Materials has a 12 month low of $32.32 and a 12 month high of $47.99. The firm has a market cap of $8.39 billion, a P/E ratio of 21.37 and a beta of 1.17.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SUM. Jefferies Financial Group dropped their price target on Summit Materials from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. DA Davidson reissued a “neutral” rating and issued a $41.00 target price on shares of Summit Materials in a research note on Tuesday, October 15th. JPMorgan Chase & Co. decreased their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $45.00 to $53.00 in a report on Friday, October 25th. Finally, Stifel Nicolaus lowered their price target on Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.42.

About Summit Materials

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.