Summit Materials (NYSE:SUM) Announces Earnings Results

Summit Materials (NYSE:SUM) announced its quarterly earnings results on Wednesday. The construction company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.11, Briefing.com reports. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The company had revenue of $773.23 million during the quarter, compared to the consensus estimate of $803.98 million. During the same period in the previous year, the business earned ($0.26) EPS. Summit Materials’s revenue for the quarter was up 89.9% on a year-over-year basis.

Summit Materials Stock Performance

NYSE SUM traded up $0.25 on Thursday, hitting $39.48. 1,698,876 shares of the company’s stock were exchanged, compared to its average volume of 970,560. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The firm’s 50-day moving average price is $41.77 and its two-hundred day moving average price is $38.04. Summit Materials has a fifty-two week low of $27.29 and a fifty-two week high of $44.89. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 16.49 and a beta of 1.34.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SUM. Stephens reissued an “overweight” rating and issued a $45.00 target price on shares of Summit Materials in a report on Tuesday, February 13th. Citigroup boosted their target price on Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, April 5th. Barclays boosted their target price on Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. The Goldman Sachs Group boosted their target price on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Finally, JPMorgan Chase & Co. assumed coverage on Summit Materials in a report on Friday, February 23rd. They issued an “overweight” rating and a $47.00 target price for the company. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.09.

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.