Beacon Roofing Supply (NASDAQ:BECN – free report) issued an update to its second-quarter earnings forecast on Friday morning. The company provided guidance for earnings per share of $1.88 to $1.97 for the period, compared to the consensus estimate for earnings per share of $2.21. The company issued a revenue forecast of $2.5 billion compared to the consensus revenue estimate of $2.44 billion.
Beacon Roofing Supply Trading down 2.0%
BECN stock opened at $80.86 on Friday. The company has a debt to equity ratio of 1.00, a current ratio of 2.07 and a short term ratio of 1.09. The company has a market cap of $5.15 billion, a P/E of 15.55 and a beta of 1.64. The company’s 50-day moving average is $70.42 and its 200-day moving average is $62.24. Beacon Roofing Supply has a 12-month low of $50.42 and a 12-month high of $84.10.
Beacon Roofing Supply (NASDAQ:BECN – Free Report) last reported its quarterly results on Thursday, May 4th. The company reported earnings per share (EPS) of $0.67 for the quarter, beating analyst consensus estimates of $0.61 by $0.06. The company had revenue of $1.73 billion in the quarter, compared to analyst estimates of $1.78 billion. Beacon Roofing Supply achieved a return on equity of 27.52% and a net margin of 5.01%. On average, research analysts expect Beacon Roofing Supply to post earnings per share of 6.43 for the year to date.
Analyst upgrades and downgrades
Several brokerage firms have recently commented on BECN. Stephens lowered its price target on shares of Beacon Roofing Supply from $70.00 to $68.00 in a research report on Monday, May 8. Loop Capital increased its price target for Beacon Roofing Supply shares to $84.00 from $76.00 in a research note on Friday, June 9. StockNews.com began coverage of Beacon Roofing Supply in a report on Thursday, May 18th. They gave the stock a hold rating. TheStreet downgraded Beacon Roofing Supply from a rating of “down” to a rating of “ac” in a research report on Friday, May 5. Finally, Truist Financial raised its target price on Beacon Roofing Supply to $85.00 from $61.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, five with a hold rating and two with a buy rating. The company currently has a consensus rating of Hold and an average price target of $77.00, according to data from MarketBeat.com.
Insider Activity
In related news, major shareholder Cd&R Investment Associates Ix bought 99,880 shares in a transaction on Friday, April 28. The stock was purchased at an average price of $60.07 per share for a total transaction of $5,999,791.60. Following the purchase, the insider now directly owns 15,171,964 shares of the company’s stock, valued at $911,379,877.48. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Cd&R Investment Associates Ix acquired 99,880 shares of the company in a transaction on Friday, April 28. The shares were purchased at an average price of $60.07 per share for a total value of $5,999,791.60. Following the closing of the acquisition, the insider now directly owns 15,171,964 shares of the company’s stock valued at $911,379,877.48. The acquisition was disclosed in a filing with the SEC, which can be accessed at this link. In addition, EVP Christopher Carl Nelson sold 8,611 shares of the company’s shares in a transaction on Monday, June 12. The shares sold at an average price of $72.95 for a total value of $628,172.45. The disclosure for this sale can be found here. Insiders have sold a total of 21,910 shares of the company’s shares worth $1,558,209 over the past 90 days. 0.95% of the shares are currently owned by company insiders.
Hedge funds weigh on Beacon Roofing Supply
Several hedge funds and other institutional investors have recently bought and sold shares in the company. Advisor Group Holdings Inc. increased its stake in Beacon Roofing Supply by 37.5% during the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company, valued at $65,000, after buying another 300 shares last quarter. The state of Wyoming acquired a new stake in Beacon Roofing Supply valued at approximately $131,000 during the fourth quarter. Verition Fund Management LLC acquired a new interest in Beacon Roofing Supply in Q2 for approximately $202,000. Baird Financial Group Inc. acquired a new interest in Beacon Roofing Supply in Q1 for approximately $209,000. Finally, in Q1, First Republic Investment Management Inc. acquired a new stake in Beacon Roofing Supply for approximately $211,000.
Company Profile of Beacon Roofing Supply
(Free Report)
Beacon Roofing Supply, Inc., together with its subsidiaries, is engaged in the distribution of residential and non-residential roofing materials and ancillary building products to contractors, home builders, builders, lumber yards and retailers throughout the United States and Canada. It offers pitched roof and flat roof products; gutters and siding; building materials such as lumber and composites, skylights and windows, plywood and OSB, decking and railings, and HVAC products; and foam board, spray foam, rolls, batts, mineral wool, fiberglass and commercial insulation products, as well as radiant barriers and blown insulation and appliances.
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