Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Stock analysts at William Blair dropped their FY2023 earnings estimates for shares of Beacon Roofing Supply in a note issued to investors on Tuesday, July 19th. William Blair analyst R. Merkel now anticipates that the company will post earnings of $5.13 per share for the year, down from their prior forecast of $6.60. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $6.61 per share.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.43 billion. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%.
Other equities analysts have also recently issued reports about the stock. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research note on Thursday, March 31st. They set a “hold” rating for the company. Wells Fargo & Company decreased their price target on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 28th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $70.00 to $58.00 in a research note on Wednesday, June 22nd. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research report on Friday, July 15th. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Hold” and an average target price of $61.38.
Beacon Roofing Supply Stock Performance
Shares of NASDAQ:BECN opened at $57.06 on Thursday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.85 and a quick ratio of 0.92. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 16.49 and a beta of 1.78. The firm’s 50 day simple moving average is $56.95 and its 200 day simple moving average is $57.60. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30.
Institutional Investors Weigh In On Beacon Roofing Supply
Several hedge funds and other institutional investors have recently modified their holdings of BECN. Clayton Dubilier & Rice LLC boosted its position in Beacon Roofing Supply by 0.8% during the 1st quarter. Clayton Dubilier & Rice LLC now owns 14,671,917 shares of the company’s stock valued at $869,751,000 after acquiring an additional 112,962 shares in the last quarter. American Century Companies Inc. boosted its position in Beacon Roofing Supply by 8.6% during the 1st quarter. American Century Companies Inc. now owns 3,622,807 shares of the company’s stock valued at $214,760,000 after acquiring an additional 285,685 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Beacon Roofing Supply by 9.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company’s stock valued at $123,921,000 after acquiring an additional 191,517 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Beacon Roofing Supply by 560.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock valued at $119,611,000 after acquiring an additional 1,769,848 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its position in Beacon Roofing Supply by 19.9% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,689,713 shares of the company’s stock valued at $86,784,000 after acquiring an additional 280,972 shares in the last quarter.
Insider Buying and Selling at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the company’s stock in a transaction dated Friday, April 29th. The stock was purchased at an average price of $58.70 per share, with a total value of $6,000,255.30. Following the completion of the purchase, the insider now directly owns 14,755,648 shares in the company, valued at approximately $866,156,537.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.95% of the stock is currently owned by corporate insiders.
About Beacon Roofing Supply
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, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.
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