Jefferies Group Weighs in on Beacon Roofing Supply Inc.’s Q4 2016 Earnings (BECN)
Beacon Roofing Supply Inc. (NASDAQ:BECN) – Equities research analysts at Jefferies Group cut their Q4 2016 EPS estimates for Beacon Roofing Supply in a note issued to investors on Thursday. Jefferies Group analyst P. Ng now expects that the brokerage will post earnings of $0.92 per share for the quarter, down from their prior estimate of $0.94. Jefferies Group has a “Hold” rating and a $46.00 price target on the stock. Jefferies Group also issued estimates for Beacon Roofing Supply’s Q4 2017 earnings at $1.06 EPS and FY2018 earnings at $2.81 EPS.
Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.02. Beacon Roofing Supply had a net margin of 1.96% and a return on equity of 9.66%. The firm earned $1.15 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm posted $0.56 earnings per share. The company’s revenue was up 60.5% on a year-over-year basis.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Tuesday, June 28th. BB&T Corp. upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Friday, June 10th. Wedbush reiterated a “neutral” rating and issued a $50.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, September 6th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, July 6th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $48.44.
Shares of Beacon Roofing Supply (NASDAQ:BECN) opened at 42.07 on Friday. The company has a market cap of $2.51 billion, a P/E ratio of 33.10 and a beta of 1.39. Beacon Roofing Supply has a 1-year low of $32.24 and a 1-year high of $48.96. The stock’s 50 day moving average is $44.17 and its 200 day moving average is $43.92.
Several institutional investors have recently bought and sold shares of the company. Parametrica Management Ltd bought a new position in Beacon Roofing Supply during the first quarter worth $211,000. TIAA CREF Investment Management LLC boosted its position in Beacon Roofing Supply by 9.3% in the first quarter. TIAA CREF Investment Management LLC now owns 177,602 shares of the company’s stock worth $7,283,000 after buying an additional 15,152 shares during the last quarter. Teachers Advisors Inc. boosted its position in Beacon Roofing Supply by 13.0% in the first quarter. Teachers Advisors Inc. now owns 444,932 shares of the company’s stock worth $18,247,000 after buying an additional 51,081 shares during the last quarter. Prudential Financial Inc. boosted its position in Beacon Roofing Supply by 87.6% in the first quarter. Prudential Financial Inc. now owns 9,409 shares of the company’s stock worth $386,000 after buying an additional 4,394 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Beacon Roofing Supply by 116.8% in the first quarter. BlackRock Inc. now owns 3,442 shares of the company’s stock worth $141,000 after buying an additional 1,854 shares during the last quarter.
In related news, EVP Ross D. Cooper sold 8,403 shares of the stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $47.50, for a total transaction of $399,142.50. Following the completion of the transaction, the executive vice president now owns 5,255 shares of the company’s stock, valued at approximately $249,612.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl T. Berquist acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were bought at an average cost of $44.81 per share, with a total value of $224,050.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $224,050. The disclosure for this purchase can be found here. 1.15% of the stock is currently owned by insiders.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States. The Company operates in the wholesale distribution of building materials segment. The Company distributes other complementary building materials, such as waterproofing systems for residential and non-residential building exteriors.
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