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

Summit Materials, Inc. (NYSE:SUM) – Research analysts at Seaport Res Ptn issued their Q1 2024 earnings per share (EPS) estimates for Summit Materials in a research report issued on Thursday, April 25th. Seaport Res Ptn analyst R. Seth forecasts 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.

Several other research analysts have also commented on the company. Stephens reissued an “overweight” rating and set a $45.00 price objective on shares of Summit Materials in a report on Tuesday, February 13th. Royal Bank of Canada boosted their price objective on Summit Materials from $39.00 to $44.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. JPMorgan Chase & Co. assumed coverage on Summit Materials in a report on Friday, February 23rd. They set an “overweight” rating and a $47.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Summit Materials from $43.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, March 14th. Finally, Citigroup boosted their price objective on Summit Materials from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.09.

Summit Materials Stock Down 3.1 %

Shares of NYSE SUM opened at $38.89 on Monday. Summit Materials has a 12 month low of $27.20 and a 12 month high of $44.89. The company has a current ratio of 5.36, a quick ratio of 4.62 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of 16.34 and a beta of 1.32. The business has a 50-day moving average of $41.81 and a 200-day moving average of $38.03.

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

Institutional Trading of Summit Materials

Institutional investors have recently made changes to their positions in the stock. AE Wealth Management LLC bought a new position in shares of Summit Materials during the third quarter valued at approximately $532,000. Linden Thomas Advisory Services LLC raised its holdings in shares of Summit Materials by 14.8% during the third quarter. Linden Thomas Advisory Services LLC now owns 7,549 shares of the construction company’s stock valued at $235,000 after acquiring an additional 973 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Summit Materials by 58.8% during the third quarter. Commonwealth Equity Services LLC now owns 34,886 shares of the construction company’s stock valued at $1,086,000 after acquiring an additional 12,911 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Summit Materials by 9.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 8,538 shares of the construction company’s stock valued at $266,000 after acquiring an additional 734 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in shares of Summit Materials by 96.5% during the third quarter. Raymond James & Associates now owns 159,926 shares of the construction company’s stock valued at $4,980,000 after acquiring an additional 78,544 shares in the last quarter.

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.