Wedbush Brokers Boost Earnings Estimates for Beacon Roofing Supply, Inc. (BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Research analysts at Wedbush upped their Q3 2019 earnings per share estimates for Beacon Roofing Supply in a research report issued to clients and investors on Friday, February 8th. Wedbush analyst J. Mccanless now anticipates that the company will post earnings per share of $1.35 for the quarter, up from their previous forecast of $1.32. Wedbush currently has a “Neutral” rating and a $33.00 target price on the stock. Wedbush also issued estimates for Beacon Roofing Supply’s Q1 2020 earnings at $0.61 EPS, Q4 2020 earnings at $1.49 EPS and FY2020 earnings at $3.28 EPS.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 7th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.04. Beacon Roofing Supply had a net margin of 0.43% and a return on equity of 11.25%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $0.68 EPS. Beacon Roofing Supply’s quarterly revenue was up 53.5% compared to the same quarter last year.

A number of other research analysts also recently issued reports on BECN. BidaskClub downgraded shares of Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. Raymond James set a $45.00 target price on shares of Beacon Roofing Supply and gave the company a “buy” rating in a research report on Thursday, October 25th. Wells Fargo & Co dropped their target price on shares of Beacon Roofing Supply from $33.00 to $25.00 and set an “underperform” rating on the stock in a research report on Thursday, November 15th. Robert W. Baird reiterated a “hold” rating and set a $29.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 20th. Finally, SunTrust Banks dropped their target price on shares of Beacon Roofing Supply to $38.00 and set a “buy” rating on the stock in a research report on Tuesday, November 20th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $40.44.

Beacon Roofing Supply stock opened at $35.05 on Monday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.97 and a current ratio of 1.59. Beacon Roofing Supply has a 12-month low of $24.97 and a 12-month high of $57.19. The firm has a market cap of $2.31 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.58 and a beta of 1.42.

Hedge funds have recently made changes to their positions in the business. Csenge Advisory Group bought a new stake in Beacon Roofing Supply during the 3rd quarter valued at $27,000. First Personal Financial Services bought a new stake in Beacon Roofing Supply during the 4th quarter valued at $33,000. Paradigm Asset Management Co. LLC bought a new stake in Beacon Roofing Supply during the 3rd quarter valued at $51,000. IFP Advisors Inc increased its stake in Beacon Roofing Supply by 107.6% during the 4th quarter. IFP Advisors Inc now owns 2,076 shares of the company’s stock valued at $65,000 after purchasing an additional 1,076 shares in the last quarter. Finally, Lloyds Banking Group plc grew its stake in shares of Beacon Roofing Supply by 81.6% in the 4th quarter. Lloyds Banking Group plc now owns 2,534 shares of the company’s stock worth $80,000 after acquiring an additional 1,139 shares in the last quarter.

In other Beacon Roofing Supply news, CEO Paul Isabella purchased 3,200 shares of the firm’s stock in a transaction on Wednesday, November 21st. The stock was acquired at an average price of $31.76 per share, for a total transaction of $101,632.00. Following the purchase, the chief executive officer now owns 143,459 shares of the company’s stock, valued at approximately $4,556,257.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl T. Berquist purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 26th. The shares were acquired at an average price of $33.05 per share, with a total value of $165,250.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $330,500. The disclosure for this purchase can be found here. Insiders have acquired a total of 23,625 shares of company stock valued at $753,469 in the last 90 days. 1.20% of the stock is currently owned by company insiders.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.

Further Reading: NASDAQ

Earnings History and Estimates for Beacon Roofing Supply (NASDAQ:BECN)

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