Summit Materials (NYSE:SUM) Issues Earnings Results, Beats Estimates By $0.11 EPS

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

Summit Materials Stock Down 0.3 %

SUM traded down $0.13 during trading on Thursday, reaching $39.10. The stock had a trading volume of 2,879,763 shares, compared to its average volume of 985,068. The stock’s 50 day moving average is $41.77 and its two-hundred day moving average is $38.04. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $6.81 billion, a price-to-earnings ratio of 16.49 and a beta of 1.34. Summit Materials has a one year low of $27.29 and a one year high of $44.89.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. The Goldman Sachs Group raised their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, March 14th. Truist Financial lifted their target price on Summit Materials from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. started coverage on Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 target price on the stock. Stephens reiterated an “overweight” rating and set a $45.00 target price on shares of Summit Materials in a research note on Tuesday, February 13th. Finally, Royal Bank of Canada boosted their price objective on Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a research note on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Summit Materials has a consensus rating of “Moderate Buy” and an average 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.