Seaport Res Ptn Expects Weaker Earnings for Summit Materials

Summit Materials, Inc. (NYSE:SUM) – Research analysts at Seaport Res Ptn lowered their Q4 2024 earnings per share (EPS) estimates for shares of Summit Materials in a note issued to investors on Monday, October 28th. Seaport Res Ptn analyst R. Seth now forecasts that the construction company will post earnings per share of $0.30 for the quarter, down from their prior forecast 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.

SUM has been the topic of a number of other reports. Royal Bank of Canada upgraded Summit Materials from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $45.00 to $53.00 in a report on Friday, October 25th. JPMorgan Chase & Co. lowered their price target on Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Barclays upgraded Summit Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $45.00 to $52.00 in a report on Tuesday. Morgan Stanley initiated coverage on shares of Summit Materials in a research note on Monday, August 26th. They issued an “overweight” rating and a $51.00 price target on the stock. Finally, Truist Financial cut their price objective 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Summit Materials presently has an average rating of “Moderate Buy” and an average target price of $48.42.

Summit Materials Price Performance

Shares of NYSE:SUM opened at $46.01 on Wednesday. The stock’s 50 day moving average price is $39.20 and its 200 day moving average price is $38.77. Summit Materials has a 12 month low of $31.67 and a 12 month high of $46.40. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 20.54 and a beta of 1.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01.

Summit Materials (NYSE:SUM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the firm posted $0.71 EPS. The company’s revenue for the quarter was up 58.1% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SUM. Vanguard Group Inc. lifted its holdings in shares of Summit Materials by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock worth $545,561,000 after acquiring an additional 262,179 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Summit Materials by 0.3% during 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 raised its holdings in shares of Summit Materials by 6.6% in 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. lifted its position in shares of 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 buying an additional 241,757 shares during the period. Finally, Millennium Management LLC boosted its stake in Summit Materials by 16.9% in the 2nd 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 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.