William Blair Analysts Increase Earnings Estimates for Beacon Roofing Supply, Inc. (BECN)
Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Stock analysts at William Blair upped their Q4 2018 EPS estimates for shares of Beacon Roofing Supply in a research note issued to investors on Thursday. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $1.58 for the quarter, up from their prior forecast of $1.38.
Other equities analysts have also issued reports about the stock. Wedbush raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $52.00 to $70.00 in a research note on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 target price (up from $62.00) on shares of Beacon Roofing Supply in a research note on Tuesday, November 21st. Zacks Investment Research lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 22nd. Jefferies Group reaffirmed a “buy” rating and issued a $73.00 target price on shares of Beacon Roofing Supply in a research note on Wednesday, January 17th. Finally, Citigroup reduced their target price on shares of Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $60.45.
Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 8th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.14. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. Beacon Roofing Supply had a net margin of 3.29% and a return on equity of 10.15%. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS.
In other Beacon Roofing Supply news, EVP Ross D. Cooper sold 2,000 shares of the business’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $59.75, for a total transaction of $119,500.00. Following the sale, the executive vice president now directly owns 7,056 shares of the company’s stock, valued at approximately $421,596. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Paul Isabella sold 40,000 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $60.57, for a total transaction of $2,422,800.00. Following the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at $10,420,826.22. The disclosure for this sale can be found here. Insiders own 0.77% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Brant Point Investment Management LLC raised its holdings in shares of Beacon Roofing Supply by 21.6% in the 4th quarter. Brant Point Investment Management LLC now owns 175,297 shares of the company’s stock valued at $11,177,000 after purchasing an additional 31,197 shares during the period. Amalgamated Bank raised its holdings in shares of Beacon Roofing Supply by 18.4% in the 4th quarter. Amalgamated Bank now owns 9,055 shares of the company’s stock valued at $577,000 after purchasing an additional 1,406 shares during the period. Stansberry Asset Management LLC bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $8,166,000. EAM Investors LLC bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $2,654,000. Finally, Martingale Asset Management L P bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $384,000. 99.69% of the stock is currently owned by institutional investors.
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About Beacon Roofing Supply
Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.
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