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

Summit Materials (NYSE:SUM) announced its quarterly earnings results on Wednesday. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05, Briefing.com reports. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.17 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 EPS.

Summit Materials Trading Up 3.1 %

Shares of NYSE SUM traded up $1.44 during trading on Thursday, hitting $47.86. 1,025,310 shares of the company were exchanged, compared to its average volume of 1,043,250. The company has a fifty day moving average price of $39.35 and a 200-day moving average price of $38.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. The firm has a market capitalization of $8.40 billion, a PE ratio of 21.27 and a beta of 1.17. Summit Materials has a 12-month low of $32.32 and a 12-month high of $47.99.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Stephens reiterated an “overweight” rating and set a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Jefferies Financial Group dropped their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Morgan Stanley began coverage on shares of Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target for the company. Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $45.00 to $53.00 in a research note on Friday, October 25th. Finally, Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $45.00 to $52.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.