$1.27 Billion in Sales Expected for Beacon Roofing Supply, Inc. (BECN) This Quarter
Wall Street analysts expect Beacon Roofing Supply, Inc. (NASDAQ:BECN) to post $1.27 billion in sales for the current fiscal quarter, according to Zacks. Nine analysts have made estimates for Beacon Roofing Supply’s earnings, with the highest sales estimate coming in at $1.28 billion and the lowest estimate coming in at $1.26 billion. Beacon Roofing Supply posted sales of $1.17 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 8.5%. The company is scheduled to report its next earnings report on Monday, November 20th.
On average, analysts expect that Beacon Roofing Supply will report full year sales of $1.27 billion for the current year, with estimates ranging from $4.34 billion to $4.37 billion. For the next year, analysts forecast that the firm will post sales of $4.61 billion per share, with estimates ranging from $4.57 billion to $4.65 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Beacon Roofing Supply.
Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.84 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.90 by $0.06. Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company posted $0.77 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year.
Several research firms have commented on BECN. Royal Bank Of Canada lowered their price target on Beacon Roofing Supply from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, August 4th. Jefferies Group LLC upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $54.00 in a report on Friday, August 25th. Citigroup Inc. lifted their price target on Beacon Roofing Supply from $48.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, August 28th. BidaskClub cut Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Finally, Northcoast Research upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $51.60.
Shares of Beacon Roofing Supply (BECN) traded down 0.96% during midday trading on Friday, hitting $46.65. 613,543 shares of the company were exchanged. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of 27.70 and a beta of 1.30. The company has a 50-day moving average price of $44.61 and a 200-day moving average price of $47.50. Beacon Roofing Supply has a 52-week low of $39.50 and a 52-week high of $52.12.
Institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC raised its position in Beacon Roofing Supply by 10.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock valued at $91,807,000 after buying an additional 176,659 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Beacon Roofing Supply during the second quarter worth about $312,000. Public Employees Retirement System of Ohio raised its position in shares of Beacon Roofing Supply by 27.2% in the second quarter. Public Employees Retirement System of Ohio now owns 194,591 shares of the company’s stock worth $9,535,000 after buying an additional 41,654 shares during the last quarter. 1st Global Advisors Inc. raised its position in shares of Beacon Roofing Supply by 0.8% in the second quarter. 1st Global Advisors Inc. now owns 9,836 shares of the company’s stock worth $482,000 after buying an additional 76 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in shares of Beacon Roofing Supply during the second quarter worth about $383,000.
Beacon Roofing Supply Company Profile
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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