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

Beacon Roofing Supply (NASDAQ:BECNGet Rating) posted its quarterly earnings data 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 return on equity of 26.21% and a net margin of 4.24%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the company earned $1.59 earnings per share. The company’s revenue was up 26.0% on a year-over-year basis.

Beacon Roofing Supply Stock Performance

Shares of BECN traded down $2.14 during mid-day trading on Friday, hitting $59.59. 703,588 shares of the company’s stock were exchanged, compared to its average volume of 478,214. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30. The firm has a market capitalization of $4.10 billion, a P/E ratio of 17.22 and a beta of 1.79. The business’s 50 day moving average is $56.52 and its two-hundred day moving average is $57.87. The company has a current ratio of 1.85, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

Wall Street Analysts Forecast Growth

BECN has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 28th. William Blair lowered Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 19th. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $70.00 to $58.00 in a report on Wednesday, June 22nd. Robert W. Baird increased their target price on Beacon Roofing Supply from $74.00 to $83.00 in a report on Friday, May 6th. Finally, JPMorgan Chase & Co. dropped their target price on Beacon Roofing Supply from $66.00 to $59.00 in a report on Friday, July 15th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently 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, bought 103,931 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was acquired 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 owns 14,859,579 shares of the company’s stock, valued at $857,843,495.67. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds have recently added to or reduced their stakes in BECN. Advisor Group Holdings Inc. lifted its position in Beacon Roofing Supply by 37.5% in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after purchasing an additional 300 shares during the period. Raymond James & Associates lifted its position in 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. Raymond James Financial Services Advisors Inc. acquired a new stake in Beacon Roofing Supply in the first quarter valued at about $317,000. AlphaCrest Capital Management LLC lifted its position in Beacon Roofing Supply by 4.0% in the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock valued at $419,000 after purchasing an additional 273 shares during the period. Finally, Bank of Montreal Can lifted its position in Beacon Roofing Supply by 27.0% in the first quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock valued at $665,000 after purchasing an additional 2,267 shares during the period.

About Beacon Roofing Supply

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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.

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Earnings History for Beacon Roofing Supply (NASDAQ:BECN)

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