Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Research analysts at SunTrust Banks boosted their Q3 2018 earnings estimates for Beacon Roofing Supply in a research report issued on Thursday. SunTrust Banks analyst K. Hughes now expects that the company will post earnings per share of $1.44 for the quarter, up from their previous estimate of $1.24. SunTrust Banks currently has a “Buy” rating and a $62.00 target price on the stock. SunTrust Banks also issued estimates for Beacon Roofing Supply’s Q4 2018 earnings at $1.40 EPS.
Other research analysts have also issued research reports about the company. KeyCorp reissued a “buy” rating and issued a $56.00 target price on shares of Beacon Roofing Supply in a research report on Sunday, October 15th. BidaskClub raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Friday, December 29th. Jefferies Group reissued a “buy” rating and issued a $73.00 target price on shares of Beacon Roofing Supply in a research report on Wednesday, January 17th. Zacks Investment Research raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research report on Tuesday, January 23rd. Finally, Royal Bank of Canada set a $66.00 target price on Beacon Roofing Supply and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $59.91.
Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 8th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.14. Beacon Roofing Supply had a return on equity of 10.15% and a net margin of 3.29%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company earned $0.56 EPS. The business’s revenue was up 12.0% compared to the same quarter last year.
In related news, CEO Paul Isabella sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $60.57, for a total value of $2,422,800.00. Following the sale, the chief executive officer now owns 172,046 shares in the company, valued at approximately $10,420,826.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ross D. Cooper sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total value of $119,500.00. Following the completion of the sale, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of BECN. Jennison Associates LLC boosted its stake in Beacon Roofing Supply by 502.2% during the 3rd quarter. Jennison Associates LLC now owns 1,683,096 shares of the company’s stock valued at $86,259,000 after purchasing an additional 1,403,608 shares during the last quarter. TimesSquare Capital Management LLC boosted its stake in Beacon Roofing Supply by 108.4% during the 3rd quarter. TimesSquare Capital Management LLC now owns 2,362,015 shares of the company’s stock valued at $121,053,000 after purchasing an additional 1,228,625 shares during the last quarter. Bamco Inc. NY purchased a new stake in Beacon Roofing Supply during the 3rd quarter valued at $61,982,000. Baird Financial Group Inc. purchased a new stake in Beacon Roofing Supply during the 4th quarter valued at $41,928,000. Finally, Stephens Investment Management Group LLC purchased a new stake in Beacon Roofing Supply during the 3rd quarter valued at $32,333,000.
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Beacon Roofing Supply Company Profile
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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