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

0
23
Beacon Roofing Supply (NASDAQ:BECN) Releases Earnings Results, Beats Expectations By alt=


Beacon Roofing Supply (NASDAQ:BECN – Get 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 currently has an average rating of “Hold” and a consensus price target of $61.38.

Insider Transactions at Beacon Roofing Supply

Ad Weekly Investor Alerts

Will These 5 Stocks Explode?

Searching for the next Microcap stocks with disruptive potential? These companies will release their quarterly earnings very soon… And we have found 5 microcap stocks that could see a spike in share price.

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 own 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

(Get Rating)

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.

Recommended Stories

Earnings History for Beacon Roofing Supply (NASDAQ:BECN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Before you consider Beacon Roofing Supply, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Beacon Roofing Supply wasn’t on the list.

While Beacon Roofing Supply currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here



Source link

2022-08-07 04:07:30

www.marketbeat.com