Owens Corning raises quarterly dividend 35% to 35c per share » 16:3212/0212/02/21
Owens Corning announced…
Owens Corning announced that its Board of Directors has declared a quarterly cash dividend of 35c per common share, a 35% increase compared with the prior quarterly dividend. The dividend will be payable on January 21, 2022, to shareholders of record as of January 7, 2022. "Owens Corning has delivered outstanding results and continued strong cash flow generation," said Chair and Chief Executive Officer Brian Chambers. "The dividend increase demonstrates our confidence in the earnings power of the company, as well as our commitment to returning cash to shareholders over time."
BayWa r.e acquires Beacon Solar, terms not disclosed » 08:0512/0112/01/21
BayWa r.e. announced it…
BayWa r.e. announced it has acquired Beacon Solar, the solar distribution division of Beacon. Beacon Solar will be fully integrated into BayWa r.e. Solar Systems LLC, the U.S. solar distribution business.
Beacon downgraded to Hold from Buy at Truist » 08:5211/2911/29/21
Truist analyst Keith…
Truist analyst Keith Hughes downgraded Beacon to Hold from Buy with a price target of $58, down from $65. The company has benefited from substantial price/cost and management actions, including divestiture and debt paydown along with improving under-performing branches, but these benefits are set to subside in FY22, limiting upside to his FY22 EBITDA estimate, the analyst tells investors in a research note. Hughes adds that the valuation on the stock is "slightly sub-average" at 8.8-times expected FY22 EBITDA, and he doesn't see an expansion given the variability of residential roofing demand after a good year.
Beacon downgraded to Hold from Buy at Truist » 06:0811/2911/29/21
Truist analyst Keith…
Truist analyst Keith Hughes downgraded Beacon to Hold from Buy.
Beacon risk profile continues to rise, says Raymond James » 07:0811/2611/26/21
Beacon's gross margins again beat expectations in fiscal Q4 due to "highly favorable (and largely temporary)" benefits from the timing and effect of price-cost, although to a moderating degree on a sequential basis, Raymond James analyst Sam Darkatsh tells investors in a research note. That said, the risk profile of Beacon continues to rise, with residential shingle supply outpacing sell-out volumes on a year-over-year basis for the second straight quarter, and its December quarter EBITDA margin guidance was below estimates, says the analyst. Darkatsh reiterates a Market Perform rating on Beacon shares.
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Beacon Roofing price target raised to $62 from $56 at Stephens » 13:0211/2411/24/21
Stephens analyst Trey…
Stephens analyst Trey Grooms raised the firm's price target on Beacon Roofing to $62 from $56 and keeps an Equal Weight rating on the shares. The analyst notes that Beacon reported Q4 sales roughly in-line with expectations, while EBITDA came in ahead and guidance bracketed expectations. The long-term demand picture remains healthy for both the residential and commercial segments, but near-term growth in the Residential segment will likely be limited to pricing actions in the near-term, Grooms adds.
Fly Intel: After-Hours Movers » 18:3211/1811/18/21
INTU, PANW, VNET, CAL, FTCH, WDAY, MATW, WSM, AMAT, BECN, ROST, CNTB, AQB, EQT
Check out this evening's…
Beacon Roofing reports Q4 EPS $1.21, consensus $1.54 » 16:0111/1811/18/21
Reports Q4 revenue…
Reports Q4 revenue $1.875B, consensus $1.88B. "In fiscal 2021, we demonstrated the strength of our platform by generating record top line and bottom line results, building a solid foundation for our future ambitions," said Julian Francis, Beacon's President and Chief Executive Officer. "Focused market and price execution also drove the highest fourth quarter sales and Adjusted EBITDA in our history. Our team continued to deliver high-value solutions to our customers' critical building material needs in a supply-challenged environment. Furthermore, the progress on our strategic initiatives and operational improvements has been transformational throughout fiscal 2021. We have focused our business on our core exteriors customer and strengthened our balance sheet. Today, we have ample capacity to make strategic investments and drive enhanced growth. Looking forward, we have the right leadership team to execute on a multi-year runway of market opportunities that will create value for all of our stakeholders."
Beacon Roofing options imply 4.2% move in share price post-earnings » 15:3411/1811/18/21
Pre-earnings options volume in Beacon Roofing is 1.1x normal with calls leading puts 11:2. Implied volatility suggests the market is anticipating a move near 4.2%, or $2.40, after results are released. Median move over the past eight quarters is 2.2%.
Owens Corning management to meet virtually with Truist » 04:5511/1811/18/21
Virtual Meeting to be…
Virtual Meeting to be held on November 18 hosted by Truist.