Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – William Blair analysts raised their third-quarter 2022 EPS estimates for Beacon Roofing Supply stock in a report released Thursday, May 5. William Blair analyst R. Merkel now expects the company to post earnings of $1.84 per share for the quarter, up from its previous forecast of $1.76.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released quarterly earnings data on Thursday, February 3. The company reported earnings per share (EPS) of $1.28 for the quarter, beating the consensus estimate of $1.19 by $0.09. Beacon Roofing Supply posted a net margin of 4.24% and a return on equity of 26.49%. The company posted revenue of $1.75 billion in the quarter, compared to analysts’ estimates of $1.57 billion.
Other stock research analysts have also published research reports on the stock. Robert W. Baird raised his price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday. Truist Financial lowered its price target on shares of Beacon Roofing Supply from $58.00 to $55.00 in a Monday, Feb. 7 research report. StockNews.com began covering Beacon Roofing Supply stocks in a research report on Thursday, March 31. They issued a “maintaining” rating for the company. Wells Fargo & Company raised its price target on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a Thursday, April 21 research note. Finally, JPMorgan Chase & Co. cut its price target on Beacon Roofing Supply shares from $68.00 to $66.00 and set a “neutral” rating for the company in a Wednesday, April 20 research note. . Eight analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.22.
Beacon Roofing Supply shares opened at $63.44 on Monday. Beacon Roofing Supply has a 52 week minimum of $46.62 and a 52 week maximum of $64.90. The company has a fifty-day moving average of $59.83 and a 200-day moving average of $56.86. The company has a market capitalization of $4.47 billion, a P/E ratio of 18.34 and a beta of 1.77. The company has a quick ratio of 1.08, a current ratio of 1.82 and a leverage ratio of 0.94.
Several large investors have recently changed their stake in the company. JPMorgan Chase & Co. increased its equity stake in Beacon Roofing Supply by 560.5% in Q4. JPMorgan Chase & Co. now owns 2,085,625 shares of the company worth $119,611,000 after acquiring an additional 1,769,848 shares during the period. American Century Companies Inc. increased its equity stake in Beacon Roofing Supply by 29.6% in Q3. American Century Companies Inc. now owns 2,907,579 shares of the company worth $138,866,000 after acquiring an additional 663,871 shares during the period. Norges Bank acquired a new stake in shares of Beacon Roofing Supply in Q4 for a value of approximately $29,982,000. Vaughan Nelson Investment Management LP acquired a new stake in shares of Beacon Roofing Supply in Q4 for a value of approximately $28,544,000. Finally, Frontier Capital Management Co. LLC increased its equity stake in Beacon Roofing Supply by 46.3% in Q4. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company worth $80,222,000 after acquiring an additional 442,700 shares during the period.
In related news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of Beacon Roofing Supply in a transaction on Friday, April 29. The shares were purchased at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the purchase, the insider now directly owns 14,755,648 shares of the company, valued at approximately $866,156,537.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, insider Clement Munroe Best III sold 4,000 shares in a trade on Wednesday, March 16. The stock was sold at an average price of $63.00, for a total transaction of $252,000.00. The disclosure of this sale can be found here. Company insiders hold 0.95% of the company’s shares.
About Beacon Roofing Supply (Get a rating)
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials and complementary building products to contractors, home builders, building owners, lumber yards and retailers. It offers pitched roofs and low-slope roofing products; gutters and siding; building materials, such as wood and composite materials, 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 equipment.
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