Summit Materials (NYSE:SUM) Releases Quarterly Earnings Results

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

Summit Materials Trading Down 0.3 %

Shares of SUM traded down $0.13 during trading hours on Thursday, hitting $39.10. 2,879,763 shares of the stock were exchanged, compared to its average volume of 985,068. Summit Materials has a fifty-two week low of $27.29 and a fifty-two week high of $44.89. 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 business has a 50-day moving average of $41.77 and a 200-day moving average of $38.04. The firm has a market capitalization of $6.81 billion, a P/E ratio of 16.49 and a beta of 1.34.

Analysts Set New Price Targets

SUM has been the topic of a number of research reports. JPMorgan Chase & Co. initiated coverage on shares of Summit Materials in a research note on Friday, February 23rd. They issued an “overweight” rating and a $47.00 price target on the stock. Truist Financial upped their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Barclays upped their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Citigroup upped their price objective on shares of Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Finally, The Goldman Sachs Group upped their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.