Brokerages Anticipate Beacon Roofing Supply, Inc. (BECN) Will Post Quarterly Sales of $1.09 Billion
Wall Street analysts expect that Beacon Roofing Supply, Inc. (NASDAQ:BECN) will announce sales of $1.09 billion for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have made estimates for Beacon Roofing Supply’s earnings. The lowest sales estimate is $1.08 billion and the highest is $1.10 billion. Beacon Roofing Supply reported sales of $1.00 billion during the same quarter last year, which indicates a positive year over year growth rate of 9%. The company is expected to announce its next earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Beacon Roofing Supply will report full year sales of $1.09 billion for the current financial year, with estimates ranging from $6.71 billion to $6.76 billion. For the next financial year, analysts expect that the business will post sales of $7.66 billion per share, with estimates ranging from $7.42 billion to $7.80 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Beacon Roofing Supply.
Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly 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). Beacon Roofing Supply had a return on equity of 9.09% and a net margin of 2.30%. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the company earned $0.88 EPS. Beacon Roofing Supply’s revenue for the quarter was up 9.8% compared to the same quarter last year.
Several brokerages have weighed in on BECN. Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “strong-buy” rating and set a $68.00 price target on the stock in a report on Thursday, November 23rd. Robert W. Baird restated an “outperform” rating and set a $70.00 price target (up previously from $55.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. SunTrust Banks upped their price target on Beacon Roofing Supply to $62.00 and gave the stock a “buy” rating in a report on Tuesday, November 21st. Royal Bank Of Canada restated an “outperform” rating and set a $63.00 price target (up previously from $62.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. Finally, Wedbush reiterated a “neutral” rating and issued a $46.00 price objective (down previously from $52.00) on shares of Beacon Roofing Supply in a report on Friday, November 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Beacon Roofing Supply presently has a consensus rating of “Buy” and an average price target of $56.58.
Shares of Beacon Roofing Supply (BECN) opened at $62.41 on Wednesday. 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 1-year low of $39.57 and a 1-year high of $64.88. The firm has a market capitalization of $4,283.53, a PE ratio of 29.14, a price-to-earnings-growth ratio of 0.82 and a beta of 1.49.
In related news, EVP Ross D. Cooper sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the transaction, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Paul Isabella sold 40,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its stake in Beacon Roofing Supply by 1.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 197,664 shares of the company’s stock worth $10,130,000 after buying an additional 3,073 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Beacon Roofing Supply during the 3rd quarter worth approximately $214,000. Sterling Capital Management LLC grew its stake in Beacon Roofing Supply by 3.0% during the 3rd quarter. Sterling Capital Management LLC now owns 45,951 shares of the company’s stock worth $2,355,000 after buying an additional 1,353 shares during the last quarter. DF Dent & Co. Inc. grew its stake in Beacon Roofing Supply by 61.9% during the 3rd quarter. DF Dent & Co. Inc. now owns 24,599 shares of the company’s stock worth $1,261,000 after buying an additional 9,409 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in Beacon Roofing Supply by 3.2% during the 3rd quarter. California Public Employees Retirement System now owns 95,997 shares of the company’s stock worth $4,920,000 after buying an additional 2,997 shares during the last quarter.
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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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