Analysts Issue Forecasts for Summit Materials, Inc.’s Q1 2024 Earnings (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUM) – Equities researchers at Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for shares of Summit Materials in a research report issued on Thursday, April 25th. Seaport Res Ptn analyst R. Seth anticipates that the construction company will earn ($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 issued its quarterly earnings data on Wednesday, February 14th. The construction company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. The firm had revenue of $613.13 million during the quarter, compared to analysts’ expectations of $560.90 million. Summit Materials had a return on equity of 8.73% and a net margin of 10.91%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 EPS.

A number of other brokerages have also recently weighed in on SUM. Stephens restated an “overweight” rating and set a $45.00 price objective on shares of Summit Materials in a research note on Tuesday, February 13th. JPMorgan Chase & Co. assumed coverage on Summit Materials in a research note on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. Royal Bank of Canada increased their price target on Summit Materials from $39.00 to $44.00 and gave the company a “sector perform” rating in a research note on Thursday, March 14th. The Goldman Sachs Group increased their price target on Summit Materials from $43.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, March 14th. Finally, Truist Financial increased their price target on Summit Materials from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.09.

Summit Materials Trading Down 3.1 %

Shares of NYSE SUM opened at $38.89 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.36 and a quick ratio of 4.62. The stock has a market capitalization of $6.78 billion, a P/E ratio of 16.34 and a beta of 1.32. Summit Materials has a 1-year low of $27.20 and a 1-year high of $44.89. The business has a fifty day moving average price of $41.81 and a 200 day moving average price of $38.03.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SUM. Massachusetts Financial Services Co. MA increased its holdings in shares of Summit Materials by 130.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,512,959 shares of the construction company’s stock valued at $171,674,000 after purchasing an additional 3,122,575 shares during the period. Norges Bank acquired a new stake in Summit Materials during the fourth quarter worth about $49,437,000. River Road Asset Management LLC grew its holdings in Summit Materials by 172.9% during the third quarter. River Road Asset Management LLC now owns 1,617,490 shares of the construction company’s stock worth $50,369,000 after acquiring an additional 1,024,888 shares during the period. FMR LLC grew its holdings in Summit Materials by 22.6% during the third quarter. FMR LLC now owns 3,880,931 shares of the construction company’s stock worth $120,852,000 after acquiring an additional 714,379 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Summit Materials during the third quarter worth about $9,221,000.

About Summit Materials

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.