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

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

Summit Materials Stock Up 3.1 %

NYSE:SUM traded up $1.44 during midday trading on Thursday, reaching $47.86. The company had a trading volume of 1,025,310 shares, compared to its average volume of 1,043,250. Summit Materials has a 12-month low of $32.32 and a 12-month high of $47.99. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 21.27 and a beta of 1.17. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64. The stock’s fifty day simple moving average is $39.35 and its 200-day simple moving average is $38.82.

Wall Street Analysts Forecast Growth

SUM has been the topic of a number of recent analyst reports. Royal Bank of Canada raised shares of Summit Materials from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $45.00 to $53.00 in a research report on Friday, October 25th. Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Stephens reissued an “overweight” rating and issued a $47.00 target price on shares of Summit Materials in a research report on Tuesday, August 6th. Citigroup decreased their price target on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Truist Financial dropped their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $48.42.

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.