FY2023 EPS Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN) Decreased by Analyst
Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – William Blair reduced 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 forecasts that the company will earn $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 announced its quarterly earnings results on Thursday, May 5th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.40. Beacon Roofing Supply had a net margin of 4.24{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} and a return on equity of 26.21{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.43 billion.
Several other brokerages have also recently weighed in on BECN. Robert W. Baird raised their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Wells Fargo & Company dropped their target price on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 28th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $70.00 to $58.00 in a research report on Wednesday, June 22nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research report on Friday, July 15th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $61.38.
Beacon Roofing Supply Price Performance
Shares of NASDAQ BECN opened at $57.47 on Thursday. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30. The stock has a market cap of $3.95 billion, a price-to-earnings ratio of 16.61 and a beta of 1.78. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. The firm’s 50-day simple moving average is $56.89 and its 200 day simple moving average is $57.60.
Institutional Trading of Beacon Roofing Supply
Hedge funds have recently made changes to their positions in the stock. Ellevest Inc. lifted its stake in Beacon Roofing Supply by 1,193.9{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the first quarter. Ellevest Inc. now owns 427 shares of the company’s stock worth $25,000 after purchasing an additional 394 shares during the last quarter. Advisor Group Holdings Inc. lifted its stake in Beacon Roofing Supply by 37.5{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after purchasing an additional 300 shares during the last quarter. Gladius Capital Management LP bought a new stake in Beacon Roofing Supply in the fourth quarter worth $92,000. Nisa Investment Advisors LLC bought a new stake in Beacon Roofing Supply in the first quarter worth $136,000. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Beacon Roofing Supply by 43.7{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,411 shares of the company’s stock worth $138,000 after purchasing an additional 733 shares during the last quarter.
Insider Transactions at Beacon Roofing Supply
In related 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 bought at an average cost of $58.70 per share, with a total value of $6,000,255.30. Following the acquisition, the insider now owns 14,755,648 shares of the company’s stock, valued at approximately $866,156,537.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.95{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} of the stock is currently owned by insiders.
Beacon Roofing Supply Company Profile
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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