Brokers Offer Predictions for Beacon Roofing Supply Inc.’s FY2016 Earnings (BECN)
Beacon Roofing Supply Inc. (NASDAQ:BECN) – Analysts at Jefferies Group reduced their FY2016 earnings per share estimates for Beacon Roofing Supply in a report released on Thursday. Jefferies Group analyst P. Ng now expects that the brokerage will earn $2.14 per share for the year, down from their prior forecast of $2.16. 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 FY2017 earnings at $2.47 EPS.
Several other brokerages also recently weighed in on BECN. Robert W. Baird reissued an “outperform” rating and issued a $55.00 target price on shares of Beacon Roofing Supply in a research note on Wednesday, July 6th. Wedbush reissued a “neutral” rating and issued a $50.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, September 6th. BB&T Corp. raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Friday, June 10th. Finally, Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Beacon Roofing Supply presently has a consensus rating of “Buy” and an average target price of $48.44.
Beacon Roofing Supply (NASDAQ:BECN) opened at 42.17 on Monday. Beacon Roofing Supply has a 52-week low of $32.24 and a 52-week high of $48.96. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of 33.18 and a beta of 1.35. The stock’s 50 day moving average is $43.93 and its 200-day moving average is $44.02.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. The firm earned $1.15 billion during the quarter, compared to analyst estimates of $1.15 billion. Beacon Roofing Supply had a net margin of 1.96% and a return on equity of 9.66%. The business’s revenue for the quarter was up 60.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.56 EPS.
Hedge funds have recently modified their holdings of the company. Nicholas Investment Partners LP purchased a new stake in shares of Beacon Roofing Supply during the first quarter worth about $2,898,000. Lazard Asset Management LLC boosted its stake in shares of Beacon Roofing Supply by 1,763.9% in the first quarter. Lazard Asset Management LLC now owns 222,735 shares of the company’s stock worth $9,134,000 after buying an additional 210,785 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Beacon Roofing Supply by 87.5% in the first quarter. Meeder Asset Management Inc. now owns 11,825 shares of the company’s stock worth $485,000 after buying an additional 5,518 shares during the last quarter. State Street Corp boosted its stake in shares of Beacon Roofing Supply by 3.6% in the first quarter. State Street Corp now owns 847,821 shares of the company’s stock worth $34,767,000 after buying an additional 29,305 shares during the last quarter. Finally, Cupps Capital Management LLC boosted its stake in shares of Beacon Roofing Supply by 37.8% in the first quarter. Cupps Capital Management LLC now owns 114,115 shares of the company’s stock worth $4,679,000 after buying an additional 31,280 shares during the last quarter.
In other news, Director Robert M. Mclaughlin bought 6,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The stock was acquired at an average price of $45.79 per share, for a total transaction of $274,740.00. Following the acquisition, the director now owns 6,000 shares of the company’s stock, valued at $274,740. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Ross D. Cooper sold 8,403 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $47.50, for a total value of $399,142.50. Following the sale, the executive vice president now owns 5,255 shares of the company’s stock, valued at approximately $249,612.50. The disclosure for this sale can be found here. Insiders own 1.15% of the company’s stock.
Beacon Roofing Supply Company Profile
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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