Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities researchers at Northcoast Research raised their Q2 2019 earnings estimates for Beacon Roofing Supply in a report released on Monday, February 11th. Northcoast Research analyst K. Hocevar now expects that the company will post earnings per share of ($0.21) for the quarter, up from their previous forecast of ($0.32). Northcoast Research also issued estimates for Beacon Roofing Supply’s FY2019 earnings at $3.15 EPS.
Other equities analysts have also recently issued reports about the company. Raymond James set a $45.00 price objective on Beacon Roofing Supply and gave the stock a “buy” rating in a research note on Thursday, October 25th. Seaport Global Securities set a $34.00 price objective on Beacon Roofing Supply and gave the stock a “buy” rating in a research note on Tuesday, November 20th. SunTrust Banks reduced their price objective on Beacon Roofing Supply to $38.00 and set a “buy” rating on the stock in a research note on Tuesday, November 20th. Stephens restated a “buy” rating and set a $40.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 23rd. Finally, BidaskClub upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $40.44.
Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 7th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Beacon Roofing Supply had a return on equity of 11.25% and a net margin of 0.43%. The business’s revenue was up 53.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS.
In other Beacon Roofing Supply news, EVP Christopher Anthony Harrison purchased 4,750 shares of the stock in a transaction dated Wednesday, November 21st. The shares were bought at an average cost of $31.40 per share, with a total value of $149,150.00. Following the completion of the acquisition, the executive vice president now owns 19,280 shares of the company’s stock, valued at $605,392. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Carl T. Berquist purchased 5,000 shares of the stock in a transaction dated Monday, November 26th. The shares were acquired at an average cost of $33.05 per share, for a total transaction of $165,250.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $330,500. The disclosure for this purchase can be found here. Insiders acquired 23,625 shares of company stock worth $753,469 over the last quarter. 1.20% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. grew its holdings in Beacon Roofing Supply by 1,809.4% during the second quarter. Advisors Asset Management Inc. now owns 61,196 shares of the company’s stock worth $119,000 after acquiring an additional 57,991 shares during the period. Jane Street Group LLC acquired a new position in Beacon Roofing Supply during the second quarter worth about $226,000. Bank of New York Mellon Corp grew its holdings in Beacon Roofing Supply by 47.3% during the second quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock worth $69,392,000 after acquiring an additional 522,722 shares during the period. Bank of Montreal Can grew its holdings in Beacon Roofing Supply by 9.7% during the third quarter. Bank of Montreal Can now owns 22,671 shares of the company’s stock worth $821,000 after acquiring an additional 2,004 shares during the period. Finally, Peregrine Capital Management LLC grew its holdings in Beacon Roofing Supply by 189.6% during the third quarter. Peregrine Capital Management LLC now owns 551,938 shares of the company’s stock worth $19,975,000 after acquiring an additional 361,373 shares during the period.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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