Brokerages expect Beacon Roofing Supply, Inc. (NASDAQ:BECN) to report $1.83 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for Beacon Roofing Supply's earnings. The highest sales estimate is $1.92 billion and the lowest is $1.78 billion. Beacon Roofing Supply posted sales of $1.79 billion in the same quarter last year, which would indicate a positive year over year growth rate of 2.2%. The firm is scheduled to issue its next quarterly earnings report on Thursday, August 5th.
According to Zacks, analysts expect that Beacon Roofing Supply will report full-year sales of $6.65 billion for the current year, with estimates ranging from $6.52 billion to $6.81 billion. For the next fiscal year, analysts anticipate that the company will report sales of $6.96 billion, with estimates ranging from $6.70 billion to $7.22 billion. Zacks' sales calculations are a mean average based on a survey of sell-side research analysts that follow Beacon Roofing Supply.
Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, May 6th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.01 by $0.22. Beacon Roofing Supply had a positive return on equity of 16.33% and a negative net margin of 2.41%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.32 billion.
A number of research analysts have issued reports on BECN shares. Robert W. Baird restated an "outperform" rating and issued a $66.00 price objective (up previously from $65.00) on shares of Beacon Roofing Supply in a research note on Thursday, July 15th. Wells Fargo & Company started coverage on Beacon Roofing Supply in a research note on Thursday, July 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. Truist upped their price objective on Beacon Roofing Supply from $49.00 to $68.00 in a research note on Friday, May 7th. Truist Securities upped their price objective on Beacon Roofing Supply from $49.00 to $68.00 in a research note on Friday, May 7th. Finally, Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $48.00 to $63.00 and gave the company a "sector perform" rating in a research note on Friday, May 7th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of "Buy" and an average price target of $56.08.
In related news, insider Clement Munroe Best III sold 4,000 shares of the stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $60.00, for a total transaction of $240,000.00. Also, major shareholder Cd&R Investment Associates Ix, acquired 563,611 shares of the company's stock in a transaction that occurred on Thursday, April 29th. The shares were bought at an average cost of $53.23 per share, for a total transaction of $30,001,013.53. The disclosure for this purchase can be found here. 1.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in Beacon Roofing Supply by 3.9% during the 1st quarter. BlackRock Inc. now owns 4,270,708 shares of the company's stock worth $223,443,000 after purchasing an additional 160,963 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Beacon Roofing Supply by 4.8% during the 1st quarter. Franklin Resources Inc. now owns 1,293,838 shares of the company's stock worth $67,694,000 after purchasing an additional 59,228 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Beacon Roofing Supply by 27.7% during the 1st quarter. Russell Investments Group Ltd. now owns 933,506 shares of the company's stock worth $48,837,000 after purchasing an additional 202,670 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Beacon Roofing Supply by 7.9% in the 1st quarter. Geode Capital Management LLC now owns 928,720 shares of the company's stock valued at $48,590,000 after acquiring an additional 67,720 shares in the last quarter. Finally, Premier Fund Managers Ltd purchased a new stake in shares of Beacon Roofing Supply in the 1st quarter valued at about $36,587,000.
Shares of Beacon Roofing Supply stock opened at $53.49 on Thursday. The stock's fifty day moving average is $54.83. Beacon Roofing Supply has a 12-month low of $27.42 and a 12-month high of $60.93. The company has a market capitalization of $3.74 billion, a P/E ratio of -19.31 and a beta of 2.02. The company has a debt-to-equity ratio of 1.34, a current ratio of 2.04 and a quick ratio of 1.24.
Beacon Roofing Supply Company Profile
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, and retailers. 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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