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

Summit Materials, Inc. (NYSE:SUM) – Analysts at Seaport Res Ptn reduced their Q3 2024 EPS estimates for Summit Materials in a research note issued to investors 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 released its earnings results on Monday, August 5th. The construction company reported $0.66 earnings per share for the quarter, beating 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 analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the company earned $0.71 EPS. Summit Materials’s revenue for the quarter was up 58.1% on a year-over-year basis.

Several other equities research analysts have also recently issued reports on the stock. DA Davidson reissued a “neutral” rating and issued a $41.00 price objective on shares of Summit Materials in a research report on Tuesday, October 15th. Truist Financial cut their price target on shares of Summit Materials from $53.00 to $47.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada upgraded shares of Summit Materials from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $45.00 to $53.00 in a research note on Friday, October 25th. Barclays raised shares of Summit Materials from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $45.00 to $52.00 in a report on Tuesday. Finally, Stifel Nicolaus lowered their price target on shares of Summit Materials from $55.00 to $47.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.42.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $46.42 on Tuesday. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 20.72 and a beta of 1.17. Summit Materials has a 12 month low of $32.32 and a 12 month high of $46.97. The firm’s 50-day moving average is $39.35 and its 200 day moving average is $38.82. The company has a current ratio of 2.62, a quick ratio of 2.01 and a debt-to-equity ratio of 0.64.

Hedge Funds Weigh In On Summit Materials

Hedge funds have recently added to or reduced their stakes in the business. Norden Group LLC boosted its stake in shares of 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 purchasing an additional 111,069 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Summit Materials by 2.2% in the first quarter. Vanguard Group Inc. now owns 12,240,546 shares of the construction company’s stock valued at $545,561,000 after purchasing an additional 262,179 shares during the last quarter. Ausbil Investment Management Ltd grew its position in shares of Summit Materials by 355.8% during the third quarter. Ausbil Investment Management Ltd now owns 23,963 shares of the construction company’s stock worth $935,000 after buying an additional 18,706 shares in the last quarter. Sei Investments Co. boosted its stake in Summit Materials by 20.7% during the 1st quarter. Sei Investments Co. now owns 456,164 shares of the construction company’s stock valued at $20,331,000 after acquiring an additional 78,111 shares during the last quarter. Finally, Comerica Bank increased its holdings in Summit Materials by 215.3% in the first quarter. Comerica Bank now owns 91,053 shares of the construction company’s stock valued at $4,058,000 after buying an additional 62,173 shares during 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.