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

Beacon Roofing Supply (NASDAQ:BECNGet Rating) released its quarterly earnings data on Thursday. The company reported $2.80 EPS 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 28.81% and a net margin of 5.25%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm posted $1.59 EPS. The business’s revenue for the quarter was up 26.0% on a year-over-year basis.

Beacon Roofing Supply Stock Down 3.5 %

Shares of Beacon Roofing Supply stock traded down $2.14 during trading on Friday, reaching $59.59. The company had a trading volume of 706,237 shares, compared to its average volume of 422,929. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 12.65 and a beta of 1.79. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30. The firm’s fifty day moving average is $56.52 and its 200-day moving average is $57.87. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85.

Insider Activity at Beacon Roofing Supply

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

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. grew its position in shares of 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 last quarter. Baird Financial Group Inc. acquired a new position in shares of Beacon Roofing Supply during the first quarter worth approximately $209,000. PFS Investments Inc. bought a new position in Beacon Roofing Supply in the 1st quarter worth approximately $211,000. First Republic Investment Management Inc. acquired a new stake in Beacon Roofing Supply in the 1st quarter valued at approximately $211,000. Finally, Quantamental Technologies LLC bought a new stake in Beacon Roofing Supply during the 1st quarter valued at $223,000.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BECN. Wells Fargo & Company cut their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. 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. Robert W. Baird raised their price objective on Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. Finally, Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $70.00 to $58.00 in a research report on Wednesday, June 22nd. Nine investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.38.

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.

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Earnings History for Beacon Roofing Supply (NASDAQ:BECN)

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