Wall Street brokerages forecast that Beacon Roofing Supply, Inc. (NASDAQ:BECN) will report sales of $1.10 billion for the current fiscal quarter, Zacks reports. Nine analysts have issued estimates for Beacon Roofing Supply’s earnings, with estimates ranging from $1.08 billion to $1.10 billion. Beacon Roofing Supply posted sales of $1.00 billion in the same quarter last year, which would indicate a positive year over year growth rate of 10%. The firm is expected to issue its next quarterly earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Beacon Roofing Supply will report full-year sales of $1.10 billion for the current year, with estimates ranging from $6.71 billion to $6.78 billion. For the next fiscal year, analysts forecast that the business will report sales of $7.66 billion per share, with estimates ranging from $7.42 billion to $7.82 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Beacon Roofing Supply.
Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Monday, November 20th. The company reported $0.93 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.01). The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Beacon Roofing Supply had a net margin of 2.30% and a return on equity of 9.09%. Beacon Roofing Supply’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share.
Several research firms recently weighed in on BECN. SunTrust Banks reiterated a “buy” rating and set a $55.00 target price on shares of Beacon Roofing Supply in a research report on Monday, October 2nd. KeyCorp reiterated a “buy” rating and set a $56.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, September 12th. Royal Bank of Canada restated an “outperform” rating and issued a $63.00 price objective (up from $62.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. BidaskClub downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Friday, December 15th. Finally, Wells Fargo & Co began coverage on Beacon Roofing Supply in a research report on Wednesday, October 18th. They issued a “market perform” rating and a $58.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Beacon Roofing Supply presently has an average rating of “Buy” and a consensus price target of $56.91.
In other news, EVP Ross D. Cooper sold 2,000 shares of Beacon Roofing Supply stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total value of $119,500.00. Following the sale, the executive vice president now directly owns 7,056 shares of the company’s stock, valued at $421,596. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul Isabella sold 40,000 shares of Beacon Roofing Supply stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $60.57, for a total value of $2,422,800.00. Following the completion of the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at $10,420,826.22. The disclosure for this sale can be found here. 0.75% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of BECN. Schwab Charles Investment Management Inc. increased its holdings in shares of Beacon Roofing Supply by 5.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 366,870 shares of the company’s stock worth $17,977,000 after purchasing an additional 18,760 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Beacon Roofing Supply by 36.7% in the second quarter. Advisors Asset Management Inc. now owns 2,105 shares of the company’s stock worth $103,000 after purchasing an additional 565 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Beacon Roofing Supply in the second quarter worth about $100,000. Marshall Wace North America L.P. bought a new stake in shares of Beacon Roofing Supply in the second quarter worth about $533,000. Finally, Prudential Financial Inc. increased its stake in Beacon Roofing Supply by 166.8% during the second quarter. Prudential Financial Inc. now owns 15,965 shares of the company’s stock worth $782,000 after acquiring an additional 9,980 shares during the last quarter.
Beacon Roofing Supply (BECN) opened at $64.47 on Tuesday. The firm has a market capitalization of $4,370.00, a price-to-earnings ratio of 39.31, a P/E/G ratio of 0.82 and a beta of 1.49. The company has a current ratio of 2.06, a quick ratio of 1.35 and a debt-to-equity ratio of 0.42. Beacon Roofing Supply has a 52-week low of $39.57 and a 52-week high of $66.47.
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About Beacon Roofing Supply
Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.
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