Seaport Res Ptn Weighs in on Summit Materials, Inc.’s Q1 2024 Earnings (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUM) – Analysts at Seaport Res Ptn issued their Q1 2024 EPS estimates for shares of Summit Materials in a research report issued on Thursday, April 25th. Seaport Res Ptn analyst R. Seth expects that the construction company will post earnings of ($0.19) per share for the quarter. The consensus estimate for Summit Materials’ current full-year earnings is $2.23 per share. Seaport Res Ptn also issued estimates for Summit Materials’ Q2 2024 earnings at $0.74 EPS, Q3 2024 earnings at $0.90 EPS, Q4 2024 earnings at $0.51 EPS, FY2024 earnings at $1.96 EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at $0.88 EPS, Q3 2025 earnings at $1.03 EPS, FY2025 earnings at $2.50 EPS and FY2026 earnings at $2.87 EPS.

Summit Materials (NYSE:SUM) last announced its earnings results on Wednesday, February 14th. The construction company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. The business had revenue of $613.13 million for the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a net margin of 10.91% and a return on equity of 8.73%. The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 EPS.

Several other brokerages have also recently issued reports on SUM. The Goldman Sachs Group boosted their price objective on shares of Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Barclays boosted their price objective on shares of Summit Materials from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Citigroup boosted their price objective on shares of Summit Materials from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Truist Financial boosted their price objective on shares of Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of 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 company. According to MarketBeat.com, Summit Materials presently has a consensus rating of “Moderate Buy” and an average target price of $46.09.

Summit Materials Stock Performance

Shares of Summit Materials stock opened at $40.00 on Monday. The firm’s fifty day simple moving average is $41.86 and its 200-day simple moving average is $37.93. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 16.81 and a beta of 1.32. Summit Materials has a 12 month low of $26.43 and a 12 month high of $44.89. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62.

Institutional Investors Weigh In On Summit Materials

Several institutional investors have recently made changes to their positions in SUM. AE Wealth Management LLC purchased a new stake in shares of Summit Materials in the 3rd quarter worth about $532,000. Linden Thomas Advisory Services LLC boosted its position in shares of Summit Materials by 14.8% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 7,549 shares of the construction company’s stock worth $235,000 after buying an additional 973 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Summit Materials by 58.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock worth $1,086,000 after buying an additional 12,911 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Summit Materials by 9.4% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock worth $266,000 after buying an additional 734 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of Summit Materials by 96.5% in the 3rd quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock worth $4,980,000 after buying an additional 78,544 shares in the last quarter.

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.