Beacon Roofing Supply, Inc. (NASDAQ:BECN) Expected to Post Quarterly Sales of $2.24 Billion
Analysts expect that Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) will announce $2.24 billion in sales for the current fiscal quarter, according to Zacks. Seven analysts have issued estimates for Beacon Roofing Supply’s earnings. The highest sales estimate is $2.31 billion and the lowest is $1.97 billion. Beacon Roofing Supply posted sales of $1.87 billion in the same quarter last year, which suggests a positive year over year growth rate of 19.8{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}. The company is expected to issue its next earnings results on Monday, January 1st.
According to Zacks, analysts expect that Beacon Roofing Supply will report full-year sales of $8.08 billion for the current fiscal year, with estimates ranging from $7.30 billion to $8.34 billion. For the next fiscal year, analysts expect that the company will report sales of $8.36 billion, with estimates ranging from $7.52 billion to $8.82 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Beacon Roofing Supply.
BECN has been the topic of several analyst reports. StockNews.com started coverage on shares of Beacon Roofing Supply in a research note on Thursday, March 31st. They set a “hold” rating on the stock. JPMorgan Chase & Co. cut their price target on Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 20th. Truist Financial dropped their price objective on Beacon Roofing Supply from $58.00 to $55.00 in a report on Monday, February 7th. Robert W. Baird raised their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. Finally, Wells Fargo & Company lifted their price target on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 21st. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $63.22.
In related news, major shareholder Cd&R Investment Associates Ix, bought 102,219 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was bought at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the purchase, the insider now directly owns 14,755,648 shares in the company, valued at approximately $866,156,537.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clement Munroe Best III sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $63.00, for a total value of $252,000.00. The disclosure for this sale can be found here. Insiders own 0.95{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Equitable Trust Co. grew its position in shares of Beacon Roofing Supply by 3.1{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the first quarter. Equitable Trust Co. now owns 7,555 shares of the company’s stock worth $448,000 after acquiring an additional 225 shares during the last quarter. FourThought Financial LLC boosted its stake in Beacon Roofing Supply by 10.2{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the 1st quarter. FourThought Financial LLC now owns 2,657 shares of the company’s stock valued at $158,000 after purchasing an additional 245 shares during the period. Commonwealth Equity Services LLC grew its position in Beacon Roofing Supply by 4.2{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the 4th quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company’s stock worth $352,000 after purchasing an additional 247 shares during the last quarter. AlphaCrest Capital Management LLC increased its stake in shares of Beacon Roofing Supply by 4.0{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} 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, Advisor Group Holdings Inc. raised its holdings in shares of Beacon Roofing Supply by 37.5{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after buying an additional 300 shares during the last quarter.
BECN opened at $61.28 on Monday. The business’s fifty day simple moving average is $60.03 and its 200 day simple moving average is $57.17. Beacon Roofing Supply has a 52 week low of $46.62 and a 52 week high of $64.90. The company has a quick ratio of 1.08, a current ratio of 1.85 and a debt-to-equity ratio of 1.01. The firm has a market cap of $4.21 billion, a P/E ratio of 17.71 and a beta of 1.77.
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.
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