Seaport Res Ptn Issues Negative Forecast for SUM Earnings

Summit Materials, Inc. (NYSE:SUM - Free Report) - Stock analysts at Seaport Res Ptn reduced their Q3 2024 EPS estimates for Summit Materials in a research note issued on Monday, October 28th. Seaport Res Ptn analyst R. Seth now anticipates that the construction company will post earnings per share of $0.66 for the quarter, down from their previous forecast of $0.73. The consensus estimate for Summit Materials' current full-year earnings is $1.63 per share. Seaport Res Ptn also issued estimates for Summit Materials' FY2024 earnings at $1.50 EPS and FY2025 earnings at $1.90 EPS.

Other research analysts have also issued reports about the stock. Royal Bank of Canada raised shares of Summit Materials from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $45.00 to $53.00 in a report on Friday. Truist Financial lowered their target price on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating for the company in a research note on Wednesday, August 7th. Stephens reissued an "overweight" rating and set a $47.00 target price on shares of Summit Materials in a research note on Tuesday, August 6th. DA Davidson reissued a "neutral" rating and set a $41.00 target price on shares of Summit Materials in a research note on Tuesday, October 15th. Finally, Morgan Stanley started coverage on shares of Summit Materials in a research note on Monday, August 26th. They set an "overweight" rating and a $51.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.42.

Summit Materials Price Performance

Shares of SUM stock traded up $0.38 on Tuesday, reaching $46.01. The company's stock had a trading volume of 1,604,131 shares, compared to its average volume of 1,041,604. The stock's fifty day simple moving average is $39.06 and its 200-day simple moving average is $38.73. Summit Materials has a 1 year low of $31.67 and a 1 year high of $46.40. 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 company has a market capitalization of $8.07 billion, a price-to-earnings ratio of 20.40 and a beta of 1.17.

Summit Materials (NYSE:SUM - Get Free Report) last posted 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 firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the firm posted $0.71 earnings per share. Summit Materials's revenue for the quarter was up 58.1% compared to the same quarter last year.

Institutional Investors Weigh In On Summit Materials

Large investors have recently modified their holdings of the business. Hood River Capital Management LLC purchased a new stake in Summit Materials in the first quarter valued at approximately $33,206,000. Massachusetts Financial Services Co. MA boosted its position in Summit Materials by 6.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock valued at $263,985,000 after buying an additional 448,922 shares during the last quarter. Interval Partners LP purchased a new stake in Summit Materials in the first quarter valued at approximately $18,051,000. Millennium Management LLC boosted its position in Summit Materials by 16.9% in the second quarter. Millennium Management LLC now owns 2,753,816 shares of the construction company's stock valued at $100,817,000 after buying an additional 399,072 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in Summit Materials in the second quarter valued at approximately $10,983,000.

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.