Summit Materials (SUM) Set to Announce Earnings on Wednesday

Summit Materials (NYSE:SUM) is scheduled to issue its quarterly earnings data after the market closes on Wednesday, October 30th. Analysts expect the company to announce earnings of $0.71 per share for the quarter. Individual that wish to listen to the company’s earnings conference call can do so using this link.

Summit Materials (NYSE:SUM) last released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. Summit Materials had a net margin of 8.06% and a return on equity of 7.00%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The firm’s revenue for the quarter was up 58.1% compared to the same quarter last year. On average, analysts expect Summit Materials to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Summit Materials Stock Down 2.7 %

Shares of SUM stock opened at $40.30 on Wednesday. The firm’s fifty day moving average price is $38.68 and its two-hundred day moving average price is $38.69. Summit Materials has a 1 year low of $30.83 and a 1 year high of $44.89. 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 firm has a market capitalization of $7.08 billion, a P/E ratio of 18.83 and a beta of 1.17.

Analyst Ratings Changes

Several research firms recently issued reports on SUM. Citigroup dropped their target price on Summit Materials from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price objective on Summit Materials from $47.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Morgan Stanley began coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 target price for the company. Truist Financial dropped their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and an average price target of $47.17.

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.