Beacon Roofing Supply (NASDAQ:BECN – Get Rating) will post its quarterly earnings results on Monday, September 12th. Analysts expect Beacon Roofing Supply to post earnings of $2.31 per share for the quarter.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its earnings results on Thursday, August 4th. The company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.44. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.59 EPS. On average, analysts expect Beacon Roofing Supply to post $7 EPS for the current fiscal year and $6 EPS for the next fiscal year.
Beacon Roofing Supply Stock Up 2.2 %
Shares of BECN stock traded up $1.24 during trading on Friday, hitting $56.53. 711,021 shares of the company were exchanged, compared to its average volume of 478,450. The business’s 50-day simple moving average is $57.41 and its 200 day simple moving average is $58.41. Beacon Roofing Supply has a twelve month low of $45.71 and a twelve month high of $65.30. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 12.00 and a beta of 1.79. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.02 and a current ratio of 1.91.
Insider Activity at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, purchased 103,931 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were acquired at an average cost of $57.73 per share, for a total transaction of $5,999,936.63. Following the completion of the purchase, the insider now owns 14,859,579 shares of the company’s stock, valued at approximately $857,843,495.67. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.95% of the stock is currently owned by corporate insiders.
Institutional Trading of Beacon Roofing Supply
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Group Holdings Inc. boosted its stake in shares of Beacon Roofing Supply by 37.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after purchasing an additional 300 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Beacon Roofing Supply during the 2nd quarter worth approximately $202,000. Baird Financial Group Inc. bought a new position in shares of Beacon Roofing Supply during the 1st quarter worth approximately $209,000. First Republic Investment Management Inc. bought a new stake in shares of Beacon Roofing Supply in the 1st quarter valued at $211,000. Finally, PFS Investments Inc. acquired a new position in shares of Beacon Roofing Supply during the 1st quarter valued at $211,000.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on BECN. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $70.00 to $58.00 in a research note on Wednesday, June 22nd. Wells Fargo & Company lowered their price target on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 28th. William Blair lowered shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. JPMorgan Chase & Co. cut their target price on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Finally, Stephens dropped their target price on shares of Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating for the company in a research note on Monday, August 8th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.43.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.