What is Seaport Res Ptn’s Estimate for SUM Q3 Earnings?

Summit Materials, Inc. (NYSE:SUM) – Research analysts at Seaport Res Ptn decreased their Q3 2024 earnings per share estimates for Summit Materials in a report 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.

Summit Materials (NYSE:SUM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 8.06% and a return on equity of 7.00%. The business’s quarterly revenue was up 58.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 earnings per share.

Several other analysts also recently issued reports on the stock. 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 issued a $41.00 price objective on shares of Summit Materials in a research note on Tuesday, October 15th. Barclays raised Summit Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $45.00 to $52.00 in a research note on Tuesday. Stifel Nicolaus reduced their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Summit Materials from $47.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. One 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $48.42.

Summit Materials Stock Up 0.9 %

SUM stock opened at $46.42 on Tuesday. The company’s 50 day simple moving average is $39.35 and its 200-day simple moving average is $38.82. Summit Materials has a 52-week low of $32.32 and a 52-week high of $46.97. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.62 and a quick ratio of 2.01. The firm has a market capitalization of $8.15 billion, a P/E ratio of 20.72 and a beta of 1.17.

Hedge Funds Weigh In On Summit Materials

Institutional investors and hedge funds have recently modified their holdings of the business. Norden Group LLC lifted its holdings in Summit Materials by 1,038.9% during the 1st quarter. Norden Group LLC now owns 121,760 shares of the construction company’s stock worth $5,427,000 after buying an additional 111,069 shares during the period. Commonwealth Equity Services LLC raised its holdings in Summit Materials by 22.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 45,935 shares of the construction company’s stock valued at $2,047,000 after acquiring an additional 8,313 shares during the period. Diversify Advisory Services LLC bought a new stake in Summit Materials during the 1st quarter valued at $404,000. BNP Paribas Financial Markets raised its holdings in Summit Materials by 89.5% during the 1st quarter. BNP Paribas Financial Markets now owns 89,639 shares of the construction company’s stock valued at $3,995,000 after acquiring an additional 42,344 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in Summit Materials by 39.0% during the first quarter. Janney Montgomery Scott LLC now owns 18,839 shares of the construction company’s stock valued at $840,000 after purchasing an additional 5,286 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.