Zacks: Analysts Expect Beacon Roofing Supply, Inc. (NASDAQ:BECN) Will Announce Quarterly Sales of $2.28 Billion

Wall Street brokerages forecast that Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) will post $2.28 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Beacon Roofing Supply’s earnings, with estimates ranging from $2.25 billion to $2.31 billion. Beacon Roofing Supply reported sales of $1.87 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 21.9%. The company is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Beacon Roofing Supply will report full-year sales of $8.21 billion for the current financial year, with estimates ranging from $8.12 billion to $8.34 billion. For the next year, analysts expect that the firm will report sales of $8.52 billion, with estimates ranging from $8.14 billion to $8.82 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Beacon Roofing Supply.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.43 billion.

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research report on Wednesday, April 20th. Wells Fargo & Company boosted their target price on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Truist Financial dropped their target price on shares of Beacon Roofing Supply from $58.00 to $55.00 in a research note on Monday, February 7th. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Finally, Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “hold” rating to a “strong-buy” rating and set a $73.00 target price on the stock in a research note on Thursday, May 19th. Seven research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus target price of $65.22.

Shares of BECN stock opened at $62.95 on Monday. Beacon Roofing Supply has a 52-week low of $46.62 and a 52-week high of $64.90. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. The company has a 50-day simple moving average of $60.18 and a two-hundred day simple moving average of $57.57. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 18.19 and a beta of 1.77.

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 4,000 shares of the stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $63.00, for a total value of $252,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Cd&R Investment Associates Ix, bought 102,219 shares of the stock in a transaction on Friday, April 29th. The stock was purchased at an average price of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the purchase, the insider now directly owns 14,755,648 shares in the company, valued at $866,156,537.60. The disclosure for this purchase can be found here. Corporate insiders own 0.95% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Equitable Trust Co. lifted its stake in Beacon Roofing Supply by 3.1% in the 1st quarter. Equitable Trust Co. now owns 7,555 shares of the company’s stock worth $448,000 after purchasing an additional 225 shares in the last quarter. First Manhattan Co. increased its holdings in shares of Beacon Roofing Supply by 4.3% in the 1st quarter. First Manhattan Co. now owns 5,633 shares of the company’s stock worth $333,000 after buying an additional 233 shares during the last quarter. FourThought Financial LLC increased its holdings in shares of Beacon Roofing Supply by 10.2% in the 1st quarter. FourThought Financial LLC now owns 2,657 shares of the company’s stock worth $158,000 after buying an additional 245 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Beacon Roofing Supply by 4.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company’s stock worth $352,000 after buying an additional 247 shares during the last quarter. Finally, AlphaCrest Capital Management LLC increased its holdings in shares of Beacon Roofing Supply by 4.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after buying an additional 273 shares during the last quarter.

Beacon Roofing Supply Company Profile (Get Rating)

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, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.

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