Beacon Roofing Supply (NASDAQ:BECN) Issues Earnings Results, Beats Expectations By $0.44 EPS

Beacon Roofing Supply (NASDAQ:BECNGet Rating) announced its quarterly earnings results on Thursday. The company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.44, Fidelity Earnings reports. Beacon Roofing Supply had a net margin of 5.25% and a return on equity of 28.81%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the company earned $1.59 EPS. The firm’s revenue was up 26.0% on a year-over-year basis.

Beacon Roofing Supply Stock Down 3.5 %

Shares of BECN stock traded down $2.14 during trading hours on Friday, hitting $59.59. 706,237 shares of the company were exchanged, compared to its average volume of 422,929. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. Beacon Roofing Supply has a one year low of $45.71 and a one year high of $65.30. The business’s 50-day simple moving average is $56.52 and its two-hundred day simple moving average is $57.87. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 12.65 and a beta of 1.79.

Analyst Upgrades and Downgrades

BECN has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price target on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research report on Friday, July 15th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $70.00 to $58.00 in a research report on Wednesday, June 22nd. Wells Fargo & Company decreased their price objective on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 28th. William Blair cut shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Finally, Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $61.38.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 103,931 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were purchased at an average price of $57.73 per share, for a total transaction of $5,999,936.63. Following the completion of the purchase, the insider now directly owns 14,859,579 shares in the company, valued at $857,843,495.67. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently bought and sold shares of the business. First Manhattan Co. raised its stake in Beacon Roofing Supply by 4.3% during the first quarter. First Manhattan Co. now owns 5,633 shares of the company’s stock worth $333,000 after acquiring an additional 233 shares during the period. AlphaCrest Capital Management LLC raised its stake in Beacon Roofing Supply by 4.0% during the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after acquiring an additional 273 shares during the period. Advisor Group Holdings Inc. raised its stake in Beacon Roofing Supply by 37.5% during the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after acquiring an additional 300 shares during the period. Laurel Wealth Advisors Inc. raised its stake in Beacon Roofing Supply by 3.0% during the first quarter. Laurel Wealth Advisors Inc. now owns 10,930 shares of the company’s stock worth $648,000 after acquiring an additional 322 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Beacon Roofing Supply by 11.6% in the first quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock valued at $797,000 after purchasing an additional 1,397 shares during the period.

Beacon Roofing Supply Company Profile

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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.

Further Reading

Earnings History for Beacon Roofing Supply (NASDAQ:BECN)

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