SunTrust Banks Weighs in on Beacon Roofing Supply, Inc.’s Q1 2021 Earnings (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Stock analysts at SunTrust Banks issued their Q1 2021 earnings per share estimates for shares of Beacon Roofing Supply in a research note issued on Wednesday, February 12th. SunTrust Banks analyst K. Hughes forecasts that the company will post earnings of $0.47 per share for the quarter. SunTrust Banks has a “Buy” rating and a $38.00 price objective on the stock. SunTrust Banks also issued estimates for Beacon Roofing Supply’s Q3 2021 earnings at $1.21 EPS, Q4 2021 earnings at $1.41 EPS and FY2021 earnings at $2.93 EPS.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Monday, February 3rd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.02). The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.71 billion. Beacon Roofing Supply had a negative net margin of 0.47% and a positive return on equity of 8.60%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 EPS.

BECN has been the topic of a number of other reports. BidaskClub downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Wednesday, January 29th. Berenberg Bank initiated coverage on shares of Beacon Roofing Supply in a research note on Tuesday, January 14th. They issued a “hold” rating and a $31.00 price target on the stock. Wedbush reduced their price target on shares of Beacon Roofing Supply from $29.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Royal Bank of Canada restated a “neutral” rating on shares of Beacon Roofing Supply in a report on Wednesday, December 18th. Finally, Raymond James cut shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 27th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. Beacon Roofing Supply currently has a consensus rating of “Hold” and a consensus price target of $34.50.

Shares of NASDAQ:BECN traded up $0.25 during midday trading on Friday, hitting $35.57. The company’s stock had a trading volume of 3,465 shares, compared to its average volume of 515,820. The business’s 50 day simple moving average is $33.96 and its 200 day simple moving average is $32.56. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.09 and a current ratio of 2.01. The company has a market cap of $2.46 billion, a P/E ratio of -38.66, a price-to-earnings-growth ratio of 1.34 and a beta of 1.32. Beacon Roofing Supply has a 12-month low of $26.50 and a 12-month high of $40.00.

In related news, Director Richard W. Frost purchased 3,000 shares of the stock in a transaction dated Wednesday, November 27th. The shares were acquired at an average cost of $30.05 per share, with a total value of $90,150.00. Following the purchase, the director now directly owns 37,249 shares in the company, valued at approximately $1,119,332.45. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stuart A. Randle sold 5,802 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $30.06, for a total transaction of $174,408.12. Following the transaction, the director now directly owns 35,519 shares in the company, valued at $1,067,701.14. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Man Group plc grew its stake in Beacon Roofing Supply by 296.4% in the 3rd quarter. Man Group plc now owns 129,364 shares of the company’s stock valued at $4,338,000 after acquiring an additional 96,727 shares during the last quarter. State Street Corp boosted its stake in shares of Beacon Roofing Supply by 0.5% during the 3rd quarter. State Street Corp now owns 1,400,717 shares of the company’s stock worth $46,966,000 after purchasing an additional 6,754 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Beacon Roofing Supply during the 3rd quarter worth about $391,000. California State Teachers Retirement System lifted its holdings in shares of Beacon Roofing Supply by 1.1% during the 3rd quarter. California State Teachers Retirement System now owns 105,850 shares of the company’s stock worth $3,549,000 after acquiring an additional 1,104 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Beacon Roofing Supply by 68.2% during the 3rd quarter. California Public Employees Retirement System now owns 167,457 shares of the company’s stock worth $5,615,000 after acquiring an additional 67,914 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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Earnings History and Estimates for Beacon Roofing Supply (NASDAQ:BECN)

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