Brokerages forecast that Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) will report sales of $1.43 billion for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Beacon Roofing Supply’s earnings, with the highest sales estimate coming in at $1.45 billion and the lowest estimate coming in at $1.38 billion. Beacon Roofing Supply reported sales of $1.32 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The company is expected to announce its next earnings results on Thursday, May 5th.
On average, analysts expect that Beacon Roofing Supply will report full year sales of $7.31 billion for the current fiscal year, with estimates ranging from $7.18 billion to $7.46 billion. For the next year, analysts expect that the business will post sales of $7.61 billion, with estimates ranging from $7.41 billion to $7.94 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Beacon Roofing Supply.
Several analysts recently weighed in on BECN shares. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $69.00 to $72.00 in a report on Friday, February 4th. Stephens boosted their target price on shares of Beacon Roofing Supply from $56.00 to $62.00 and gave the company an “equal weight” rating in a report on Wednesday, November 24th. Raymond James upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating and set a $62.00 target price on the stock in a report on Monday, December 6th. Finally, Truist Financial dropped their target price on shares of Beacon Roofing Supply from $58.00 to $55.00 in a report on Monday, February 7th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Hold” and an average price target of $60.67.
In other news, major shareholder Cd&R Investment Associates Ix, purchased 107,456 shares of the company’s stock in a transaction that occurred on Friday, January 28th. The shares were bought at an average price of $55.84 per share, for a total transaction of $6,000,343.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.95% of the company’s stock.
A number of large investors have recently modified their holdings of BECN. JPMorgan Chase & Co. raised its position in Beacon Roofing Supply by 560.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock worth $119,611,000 after buying an additional 1,769,848 shares during the last quarter. American Century Companies Inc. raised its position in Beacon Roofing Supply by 29.6% in the 3rd quarter. American Century Companies Inc. now owns 2,907,579 shares of the company’s stock worth $138,866,000 after buying an additional 663,871 shares during the last quarter. Norges Bank purchased a new position in Beacon Roofing Supply in the 4th quarter worth about $29,982,000. Vaughan Nelson Investment Management L.P. purchased a new position in Beacon Roofing Supply in the 4th quarter worth about $28,544,000. Finally, Frontier Capital Management Co. LLC raised its position in Beacon Roofing Supply by 46.3% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company’s stock worth $80,222,000 after buying an additional 442,700 shares during the last quarter.
NASDAQ:BECN opened at $59.61 on Tuesday. The stock has a market cap of $4.20 billion, a P/E ratio of 22.33 and a beta of 1.92. The firm’s fifty day simple moving average is $56.05 and its 200 day simple moving average is $54.16. Beacon Roofing Supply has a twelve month low of $46.62 and a twelve month high of $60.93. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 0.94.
About Beacon Roofing Supply (Get Rating)
Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.
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