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

Summit Materials (NYSE:SUM) issued its quarterly earnings results on Wednesday. The construction company reported $0.75 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year.

Summit Materials Price Performance

Shares of SUM traded up $1.42 during trading hours on Thursday, reaching $47.84. The stock had a trading volume of 1,059,605 shares, compared to its average volume of 1,043,720. The company has a debt-to-equity ratio of 0.64, a quick ratio of 2.01 and a current ratio of 2.62. Summit Materials has a 12 month low of $32.32 and a 12 month high of $47.99. The stock has a market capitalization of $8.39 billion, a PE ratio of 21.37 and a beta of 1.17. The company’s 50-day moving average is $39.35 and its two-hundred day moving average is $38.82.

Analyst Upgrades and Downgrades

SUM has been the topic of a number of research reports. Morgan Stanley began coverage on Summit Materials in a report on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Truist Financial cut their price objective on Summit Materials from $53.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Jefferies Financial Group lowered their target price on shares of Summit Materials from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. DA Davidson reiterated a “neutral” rating and issued a $41.00 price target on shares of Summit Materials in a research note on Tuesday, October 15th. Finally, Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $45.00 to $52.00 in a research report on Tuesday. One equities 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’s stock. According to data from MarketBeat, Summit Materials currently has an average rating of “Moderate Buy” and a consensus price target 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.