Seaport Res Ptn Analysts Decrease Earnings Estimates for SUM

Summit Materials, Inc. (NYSE:SUM - Free Report) - Seaport Res Ptn decreased their Q4 2024 earnings per share estimates for Summit Materials in a report released on Monday, October 28th. Seaport Res Ptn analyst R. Seth now expects that the construction company will post earnings of $0.30 per share for the quarter, down from their prior estimate of $0.50. The consensus estimate for Summit Materials' current full-year earnings is $1.63 per share. Seaport Res Ptn also issued estimates for Summit Materials' Q1 2025 earnings at ($0.08) EPS, Q2 2025 earnings at $0.72 EPS, Q3 2025 earnings at $0.81 EPS, Q4 2025 earnings at $0.45 EPS and FY2026 earnings at $2.10 EPS.

Several other equities research analysts have also recently weighed in on SUM. Jefferies Financial Group reduced their price target on shares of Summit Materials from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, October 9th. DA Davidson reiterated a "neutral" rating and set a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Morgan Stanley started 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. Finally, Stifel Nicolaus reduced their target price on 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.42.

Summit Materials Price Performance

Shares of NYSE SUM traded up $0.41 during midday trading on Wednesday, reaching $46.42. The stock had a trading volume of 1,464,579 shares, compared to its average volume of 1,043,645. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 20.85 and a beta of 1.17. 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 $46.97. The stock has a 50-day moving average of $39.20 and a 200-day moving average of $38.77.

Summit Materials (NYSE:SUM - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.61 by $0.05. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.14 billion. Summit Materials had a return on equity of 7.00% and a net margin of 8.06%. Summit Materials's revenue was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 earnings per share.

Institutional Trading of Summit Materials

A number of hedge funds and other institutional investors have recently modified their holdings of SUM. Vanguard Group Inc. increased its holdings in Summit Materials by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company's stock valued at $545,561,000 after purchasing an additional 262,179 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Summit Materials by 0.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,837,110 shares of the construction company's stock valued at $393,871,000 after purchasing an additional 22,840 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Summit Materials by 6.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,210,736 shares of the construction company's stock worth $263,985,000 after buying an additional 448,922 shares in the last quarter. Victory Capital Management Inc. grew its stake in Summit Materials by 7.0% during the 2nd quarter. Victory Capital Management Inc. now owns 3,678,485 shares of the construction company's stock worth $134,669,000 after purchasing an additional 241,757 shares in the last quarter. Finally, River Road Asset Management LLC increased its stake in shares of Summit Materials by 15.9% during the third quarter. River Road Asset Management LLC now owns 3,567,938 shares of the construction company's stock worth $139,257,000 after buying an additional 488,688 shares during the period.

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.