SunTrust Banks Brokers Reduce Earnings Estimates for Beacon Roofing Supply, Inc. (BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Analysts at SunTrust Banks dropped their Q2 2019 earnings per share estimates for Beacon Roofing Supply in a research note issued to investors on Monday, March 25th, Zacks Investment Research reports. SunTrust Banks analyst K. Hughes now anticipates that the company will post earnings of ($0.51) per share for the quarter, down from their previous estimate of ($0.33). SunTrust Banks has a “Buy” rating and a $44.00 price objective on the stock. SunTrust Banks also issued estimates for Beacon Roofing Supply’s FY2019 earnings at $2.96 EPS.

Several other brokerages also recently weighed in on BECN. Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Monday, February 4th. Buckingham Research lowered their price objective on Beacon Roofing Supply from $38.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, March 26th. Royal Bank of Canada set a $35.00 price objective on Beacon Roofing Supply and gave the company a “hold” rating in a research report on Tuesday, March 26th. BidaskClub downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Thursday, January 17th. Finally, ValuEngine downgraded Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $40.12.

BECN stock traded up $0.91 during midday trading on Thursday, hitting $38.80. The company had a trading volume of 545,198 shares, compared to its average volume of 907,135. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.35 and a current ratio of 2.43. Beacon Roofing Supply has a 52 week low of $24.97 and a 52 week high of $52.29. The company has a market capitalization of $2.66 billion, a P/E ratio of 14.37, a PEG ratio of 0.64 and a beta of 1.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Thursday, February 7th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.04. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.66 billion. Beacon Roofing Supply had a return on equity of 11.19% and a net margin of 0.43%. Beacon Roofing Supply’s revenue for the quarter was up 53.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share.

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 5,609,763 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $33.31 per share, for a total transaction of $186,861,205.53. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Csenge Advisory Group bought a new position in shares of Beacon Roofing Supply during the third quarter valued at approximately $27,000. First Personal Financial Services bought a new position in shares of Beacon Roofing Supply during the fourth quarter valued at approximately $33,000. Paradigm Asset Management Co. LLC bought a new position in shares of Beacon Roofing Supply during the third quarter valued at approximately $51,000. IFP Advisors Inc raised its holdings in shares of Beacon Roofing Supply by 107.6% during the fourth quarter. IFP Advisors Inc now owns 2,076 shares of the company’s stock valued at $65,000 after acquiring an additional 1,076 shares in the last quarter. Finally, Lloyds Banking Group plc raised its holdings in shares of Beacon Roofing Supply by 81.6% during the fourth quarter. Lloyds Banking Group plc now owns 2,534 shares of the company’s stock valued at $80,000 after acquiring an additional 1,139 shares in the last quarter.

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.

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

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