Brokers Offer Predictions for Beacon Roofing Supply, Inc.’s Q3 2018 Earnings (BECN)
Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Northcoast Research raised their Q3 2018 earnings estimates for shares of Beacon Roofing Supply in a report issued on Monday. Northcoast Research analyst K. Hocevar now forecasts that the company will earn $1.32 per share for the quarter, up from their prior estimate of $1.12. Northcoast Research also issued estimates for Beacon Roofing Supply’s Q4 2018 earnings at $1.51 EPS.
A number of other research analysts also recently commented on BECN. Wedbush reaffirmed an “outperform” rating and issued a $52.00 price target (down previously from $70.00) on shares of Beacon Roofing Supply in a report on Tuesday. BidaskClub downgraded shares of Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a report on Wednesday. Citigroup lowered their price target on shares of Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 9th. Royal Bank of Canada set a $66.00 price target on shares of Beacon Roofing Supply and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $70.00 price target (up previously from $55.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Beacon Roofing Supply presently has a consensus rating of “Buy” and a consensus target price of $60.45.
Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.14. Beacon Roofing Supply had a net margin of 3.29% and a return on equity of 9.60%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year.
In related news, EVP Ross D. Cooper sold 2,000 shares of the stock in a transaction dated Tuesday, November 21st. The shares were 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 approximately $421,596. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul Isabella sold 40,000 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $60.57, for a total transaction 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. Corporate insiders own 0.77% of the company’s stock.
A number of institutional investors have recently bought and sold shares of BECN. Zions Bancorporation purchased a new position in shares of Beacon Roofing Supply during the third quarter worth approximately $124,000. Cerebellum GP LLC purchased a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $130,000. Macquarie Group Ltd. purchased a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $147,000. Advisor Group Inc. increased its position in shares of Beacon Roofing Supply by 8.9% during the second quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock worth $190,000 after acquiring an additional 316 shares during the period. Finally, Keybank National Association OH purchased a new position in shares of Beacon Roofing Supply during the third quarter worth approximately $210,000. 99.69% of the stock is currently owned by institutional investors.
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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