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

Summit Materials (NYSE:SUM) posted its earnings results on Monday. The construction company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05, Briefing.com reports. The business 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 quarterly revenue was up 58.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.71 EPS.

Summit Materials Stock Performance

Shares of NYSE:SUM traded down $0.63 during trading hours on Wednesday, hitting $37.34. The stock had a trading volume of 974,371 shares, compared to its average volume of 982,635. The stock’s fifty day simple moving average is $37.79 and its 200 day simple moving average is $39.48. Summit Materials has a 1-year low of $29.98 and a 1-year high of $44.89. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 16.96 and a beta of 1.15. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.93 and a current ratio of 2.58.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup reduced their target price on shares of Summit Materials from $51.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price objective on shares of Summit Materials in a report on Wednesday. Truist Financial cut their target price on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and set a $47.00 price target on shares of Summit Materials in a research report on Tuesday. Finally, StockNews.com cut shares of Summit Materials from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $46.67.

Insider Buying and Selling at Summit Materials

In other Summit Materials news, insider Jason Kilgore sold 50,589 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $40.21, for a total value of $2,034,183.69. Following the sale, the insider now 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 through the SEC website. 0.55% of the stock is owned by company insiders.

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.