Beacon Roofing Supply Inc. (BECN) Announces Earnings Results, Misses Expectations By $0.03 EPS
Beacon Roofing Supply Inc. (NASDAQ:BECN) released its quarterly earnings results on Monday. The company reported $0.88 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by $0.03. Beacon Roofing Supply had a return on equity of 9.66% and a net margin of 1.96%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s revenue was up 49.1% on a year-over-year basis.
Shares of Beacon Roofing Supply (NASDAQ:BECN) opened at 46.89 on Tuesday. Beacon Roofing Supply has a 52 week low of $32.24 and a 52 week high of $48.96. The firm has a market cap of $2.80 billion, a P/E ratio of 36.89 and a beta of 1.33. The company’s 50-day moving average price is $43.19 and its 200 day moving average price is $44.19.
Several research analysts have issued reports on BECN shares. Wedbush reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, September 6th. Zacks Investment Research downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $48.44.
In related news, Director Carl T. Berquist bought 5,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were purchased at an average price of $44.81 per share, with a total value of $224,050.00. Following the completion of the purchase, the director now owns 5,000 shares in the company, valued at approximately $224,050. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Paul Isabella sold 45,000 shares of the business’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $46.31, for a total transaction of $2,083,950.00. Following the sale, the chief executive officer now directly owns 155,414 shares in the company, valued at approximately $7,197,222.34. The disclosure for this sale can be found here. 1.15% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Beacon Roofing Supply by 1.5% in the third quarter. Principal Financial Group Inc. now owns 11,707 shares of the company’s stock worth $493,000 after buying an additional 176 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Beacon Roofing Supply by 0.8% in the second quarter. O Shaughnessy Asset Management LLC now owns 24,376 shares of the company’s stock worth $1,108,000 after buying an additional 188 shares during the last quarter. BlackRock Group LTD boosted its stake in Beacon Roofing Supply by 0.9% in the third quarter. BlackRock Group LTD now owns 39,909 shares of the company’s stock worth $1,680,000 after buying an additional 352 shares during the last quarter. Credit Suisse AG boosted its stake in Beacon Roofing Supply by 0.7% in the third quarter. Credit Suisse AG now owns 151,173 shares of the company’s stock worth $6,361,000 after buying an additional 1,043 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Beacon Roofing Supply by 20.1% in the second quarter. ProShare Advisors LLC now owns 7,529 shares of the company’s stock worth $342,000 after buying an additional 1,258 shares during the last quarter.
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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