Beacon Roofing Supply, Inc. Expected to Post Q2 2023 Earnings of $2.18 Per Share (NASDAQ:BECN)
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Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Analysts at William Blair upped their Q2 2023 earnings estimates for Beacon Roofing Supply in a research report issued on Thursday, February 23rd. William Blair analyst R. Merkel now anticipates that the company will post earnings of $2.18 per share for the quarter, up from their prior estimate of $1.93. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $6.19 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q3 2023 earnings at $2.07 EPS and FY2024 earnings at $6.35 EPS.
A number of other research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Beacon Roofing Supply from $79.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, January 10th. Zelman & Associates began coverage on shares of Beacon Roofing Supply in a research note on Tuesday, February 7th. They issued a “hold” rating for the company. Robert W. Baird dropped their price target on shares of Beacon Roofing Supply from $67.00 to $65.00 and set a “neutral” rating for the company in a research note on Tuesday, January 24th. Royal Bank of Canada dropped their price target on shares of Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating for the company in a research note on Monday, November 7th. Finally, Stifel Nicolaus lifted their price target on shares of Beacon Roofing Supply from $80.00 to $91.00 and gave the stock a “buy” rating in a research note on Monday, December 19th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Hold” and an average target price of $67.14.
Beacon Roofing Supply Trading Up 9.3 {7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}
NASDAQ BECN opened at $65.27 on Monday. The company’s fifty day simple moving average is $56.34 and its 200-day simple moving average is $56.57. Beacon Roofing Supply has a 52 week low of $45.71 and a 52 week high of $66.79. The company has a current ratio of 1.92, a quick ratio of 1.10 and a debt-to-equity ratio of 1.01. The stock has a market cap of $4.25 billion, a P/E ratio of 11.74 and a beta of 1.64.
Institutional Trading of Beacon Roofing Supply
Several institutional investors have recently added to or reduced their stakes in the business. Laurel Wealth Advisors Inc. boosted its holdings in shares of Beacon Roofing Supply by 2.9{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the fourth quarter. Laurel Wealth Advisors Inc. now owns 5,940 shares of the company’s stock valued at $314,000 after acquiring an additional 166 shares during the period. Amalgamated Bank boosted its holdings in shares of Beacon Roofing Supply by 2.4{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the fourth quarter. Amalgamated Bank now owns 8,182 shares of the company’s stock valued at $432,000 after acquiring an additional 191 shares during the period. First Manhattan Co. boosted its holdings in shares of Beacon Roofing Supply by 4.3{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the first quarter. First Manhattan Co. now owns 5,633 shares of the company’s stock valued at $333,000 after acquiring an additional 233 shares during the period. AlphaCrest Capital Management LLC boosted its holdings in shares of Beacon Roofing Supply by 4.0{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock valued at $419,000 after acquiring an additional 273 shares during the period. Finally, Advisor Group Holdings Inc. boosted its holdings in shares of Beacon Roofing Supply by 37.5{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} during the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after acquiring an additional 300 shares during the period.
Insider Buying and Selling at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 107,185 shares of the stock in a transaction on Monday, January 30th. The stock was purchased at an average price of $55.98 per share, for a total transaction of $6,000,216.30. Following the completion of the purchase, the insider now directly owns 15,072,084 shares in the company, valued at $843,735,262.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.95{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} of the stock is owned by insiders.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.
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