Beacon Roofing Supply (NASDAQ:BECN) recently announced its quarterly earnings results for the period ending on August 3rd. The company exceeded analysts’ expectations, reporting earnings per share of $2.66, surpassing the consensus estimate of $2.27 by $0.39. Additionally, Beacon Roofing Supply reported a revenue of $2.50 billion for the quarter, in line with the consensus estimate.
The company’s net margin was recorded at 4.69%, while its return on equity stood at an impressive 25.15%. These financial indicators demonstrate Beacon Roofing Supply’s ability to generate profit and provide attractive returns to its shareholders.
In other news, EVP Christopher Carl Nelson recently sold 8,611 shares of Beacon Roofing Supply stock in a transaction that took place on June 12th. The shares were sold at an average price of $72.95, resulting in a total value of $628,172.45. This transaction was disclosed in a document filed with the Securities & Exchange Commission (SEC), which can be accessed through the SEC website.
Director Stuart A. Randle also sold 10,299 shares of Beacon Roofing Supply stock on June 8th at an average price of $72.43, totaling $745,956.57. Following this sale, the director now holds 31,417 shares of the company’s stock with a value of $2,275,533.31.
It is worth noting that these insider transactions represent only a small portion (0.95%) of the company’s total outstanding shares.
Overall, Beacon Roofing Supply’s strong quarterly performance showcases its ability to meet expectations and deliver positive financial results for investors and stakeholders alike.
Please note that this article references information from September 5th, 2023 and may not reflect current developments or changes related to Beacon Roofing Supply or any affiliated individuals mentioned in this report.
Beacon Roofing Supply, Inc.
BECN
Strong Buy
Updated on: 03/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Beacon Roofing Supply Receives Positive Earnings Estimate Upgrade and Mixed Ratings from Analysts
Beacon Roofing Supply, Inc. (NASDAQ:BECN) has recently seen an increase in its FY2024 earnings per share (EPS) estimates, according to a report issued by William Blair on September 1st, 2023. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $7.85 for the year, higher than their previous forecast of $7.57. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $6.91 per share.
This positive update on the company’s financial outlook has garnered attention from various brokerages and analysts. Truist Financial raised their target price on shares of Beacon Roofing Supply from $85.00 to $95.00 and gave the company a “hold” rating in a research note on August 4th. Raymond James also raised their target price on shares of Beacon Roofing Supply from $75.00 to $95.00 and gave the company an “outperform” rating on August 7th.
StockNews.com, however, recently downgraded the stock from a “buy” rating to a “hold” rating in a research note released on Friday. Despite this downgrade, Robert W. Baird raised their price objective on shares of Beacon Roofing Supply from $76.00 to $95.00 in a report published on July 10th, while Jefferies Financial Group increased their price objective from $75.00 to $88.00 and maintained a “hold” rating for the stock on July 13th.
Currently, one research analyst has rated Beacon Roofing Supply as a sell, six have assigned a hold rating, and three have given it a buy rating. According to Bloomberg.com, the stock has a consensus rating of “Hold” and an average price target of $86.80.
In other news related to the company, EVP Christopher Carl Nelson sold 8,611 shares of Beacon Roofing Supply stock on June 12th for an average price of $72.95 per share, totaling $628,172.45. Additionally, Director Stuart A. Randle sold 10,299 shares on June 8th at an average price of $72.43 per share, amounting to a transaction worth $745,956.57.
Shares of BECN stock opened at $80.77 on September 5th. The company’s fifty-day simple moving average is $82.26 and its 200-day simple moving average is $70.05. Beacon Roofing Supply has a 52-week low of $50.42 and a 52-week high of $87.46. It currently has a current ratio of 1.69 and a quick ratio of 1.00, reflecting the company’s financial stability. Moreover, Beacon Roofing Supply boasts a market capitalization of $5.10 billion with a price-earnings ratio (PE ratio) of 15.99 and a beta of 1.68.
Recent buying activities from hedge funds have also been noted with regard to Beacon Roofing Supply’s stock value and potential growth opportunities in the market sector it operates within.
Parkside Financial Bank & Trust acquired a new stake in the company during the second quarter valued at approximately $27,000 while Sandy Spring Bank did the same during the first quarter for approximately $29,000.
Mitsubishi UFJ Trust & Banking Corp also bought shares in the first quarter valued at around $29,000 as well as Exchange Traded Concepts LLC which made a similar purchase valued at about $36,000 during that same period.
Lastly, Arcadia Investment Management Corp MI invested about $38,000 for newly acquired shares in Beacon Roofing Supply during the first quarter.
Overall, these recent developments indicate positive market sentiment towards Beacon Roofing Supply, with higher EPS estimates and favorable ratings from various brokerages. The company’s financial performance, as well as the buying activities by hedge funds, suggest potential growth in the near future. Investors will continue to monitor the stock closely to assess its long-term prospects in the roofing supply industry.
(Note: This article is fictional and does not constitute financial advice.)
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