KeyCorp Analysts Boost Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Research analysts at KeyCorp lifted their Q3 2022 earnings estimates for shares of Beacon Roofing Supply in a research report issued on Wednesday, May 25th. KeyCorp analyst K. Zener now anticipates that the company will post earnings of $1.87 per share for the quarter, up from their previous estimate of $1.65. KeyCorp also issued estimates for Beacon Roofing Supply’s Q4 2022 earnings at $1.41 EPS.

BECN has been the subject of a number of other reports. Truist Financial lowered their price target on Beacon Roofing Supply from $58.00 to $55.00 in a research report on Monday, February 7th. StockNews.com initiated coverage on Beacon Roofing Supply in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Robert W. Baird increased their price target on Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. Wells Fargo & Company raised their target price on Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research report on Thursday, April 21st. Finally, JPMorgan Chase & Co. decreased their target price on Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research report on Wednesday, April 20th. Seven equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $65.22.

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Shares of BECN opened at $59.88 on Friday. Beacon Roofing Supply has a 12-month low of $46.62 and a 12-month high of $64.90. The business’s fifty day moving average is $60.13 and its 200 day moving average is $57.46. The company has a quick ratio of 0.92, a current ratio of 1.85 and a debt-to-equity ratio of 1.01. The stock has a market cap of $4.12 billion, a P/E ratio of 17.31 and a beta of 1.77. Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported $0.89 earnings per share (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 analysts’ expectations of $1.43 billion. Beacon Roofing Supply had a return on equity of 26.21% and a net margin of 4.24%.

Several large investors have recently bought and sold shares of the company. Ellevest Inc. raised its position in shares of Beacon Roofing Supply by 1,193.9% during the 1st quarter. Ellevest Inc. now owns 427 shares of the company’s stock valued at $25,000 after buying an additional 394 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter worth $26,000. Advisor Group Holdings Inc. lifted its stake in shares of Beacon Roofing Supply by 37.5% during the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after buying an additional 300 shares during the period. UBS Group AG lifted its stake in shares of Beacon Roofing Supply by 44.5% during the third quarter. UBS Group AG now owns 1,455 shares of the company’s stock worth $69,000 after buying an additional 448 shares during the period. Finally, Gladius Capital Management LP purchased a new position in shares of Beacon Roofing Supply during the fourth quarter worth $92,000.

In other news, insider Clement Munroe Best III sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $63.00, for a total transaction of $252,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Cd&R Investment Associates Ix, purchased 102,219 shares of the company’s stock in a transaction that occurred on Friday, April 29th. The shares were purchased at an average price of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the transaction, the insider now directly owns 14,755,648 shares of the company’s stock, valued at $866,156,537.60. The disclosure for this purchase can be found here. 0.95% of the stock is owned by insiders.

Beacon Roofing Supply Company Profile (Get 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, 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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Earnings History and Estimates for Beacon Roofing Supply (NASDAQ:BECN)

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