Summit Materials, Inc. Expected to Post Q1 2023 Earnings of ($0.30) Per Share (NYSE:SUM)

Summit Materials, Inc. (NYSE:SUMGet Rating) – Investment analysts at Jefferies Financial Group cut their Q1 2023 EPS estimates for Summit Materials in a report issued on Monday, November 7th. Jefferies Financial Group analyst P. Ng now forecasts that the construction company will post earnings per share of ($0.30) for the quarter, down from their prior estimate of ($0.24). Jefferies Financial Group currently has a “Buy” rating and a $36.00 target price on the stock. The consensus estimate for Summit Materials’ current full-year earnings is $1.23 per share.

A number of other brokerages have also commented on SUM. JPMorgan Chase & Co. raised their target price on shares of Summit Materials from $30.00 to $37.00 and gave the stock an “overweight” rating in a research report on Thursday, September 22nd. Citigroup increased their price objective on shares of Summit Materials from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday. DA Davidson dropped their price objective on shares of Summit Materials from $33.00 to $31.00 in a research note on Wednesday, October 12th. TheStreet upgraded shares of Summit Materials from a “c+” rating to a “b” rating in a research note on Wednesday, August 10th. Finally, The Goldman Sachs Group dropped their price objective on shares of Summit Materials from $28.50 to $24.50 and set a “neutral” rating on the stock in a research note on Friday, October 14th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Materials has an average rating of “Moderate Buy” and an average target price of $32.06.

Summit Materials Stock Performance

Shares of NYSE:SUM opened at $29.42 on Thursday. The firm has a market cap of $3.48 billion, a PE ratio of 12.21 and a beta of 1.35. The firm’s 50 day simple moving average is $26.19 and its 200-day simple moving average is $26.62. Summit Materials has a one year low of $21.99 and a one year high of $41.46. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.76 and a current ratio of 3.39.

Institutional Investors Weigh In On Summit Materials

Institutional investors have recently bought and sold shares of the company. Ellevest Inc. boosted its stake in Summit Materials by 81.7% in the second quarter. Ellevest Inc. now owns 1,214 shares of the construction company’s stock valued at $28,000 after acquiring an additional 546 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Summit Materials by 271.0% in the second quarter. Assetmark Inc. now owns 1,443 shares of the construction company’s stock worth $34,000 after buying an additional 1,054 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Summit Materials in the second quarter worth $40,000. Harbor Investment Advisory LLC raised its holdings in shares of Summit Materials by 30.2% in the second quarter. Harbor Investment Advisory LLC now owns 2,503 shares of the construction company’s stock worth $58,000 after buying an additional 580 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Summit Materials in the first quarter worth $62,000.

Summit Materials Company Profile

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Summit Materials, Inc, through its subsidiaries, produces and sells construction materials and related downstream products for the public infrastructure, and residential and nonresidential end markets. It operates through three segments: West, East, and Cement. The company's products include aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.

See Also

Earnings History and Estimates for Summit Materials (NYSE:SUM)

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