Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Stock analysts at William Blair reduced their Q4 2022 earnings per share (EPS) estimates for Beacon Roofing Supply in a report issued on Tuesday, January 10th. William Blair analyst R. Merkel now expects that the company will earn $1.18 per share for the quarter, down from their previous forecast of $1.30. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.09 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q4 2023 earnings at $1.24 EPS and FY2024 earnings at $6.37 EPS.
Several other analysts have also recently issued reports on BECN. Deutsche Bank Aktiengesellschaft upped their price objective on Beacon Roofing Supply from $79.00 to $81.00 in a research note on Tuesday. Royal Bank of Canada dropped their price target on Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating on the stock in a research report on Monday, November 7th. Robert W. Baird cut Beacon Roofing Supply from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $77.00 to $65.00 in a research report on Friday, October 14th. StockNews.com started coverage on Beacon Roofing Supply in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Stifel Nicolaus raised their target price on Beacon Roofing Supply from $80.00 to $91.00 and gave the company a “buy” rating in a research report on Monday, December 19th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $65.63.
Beacon Roofing Supply Trading Down 1.1 %
Shares of NASDAQ BECN opened at $52.32 on Wednesday. The stock’s 50 day moving average price is $56.11 and its two-hundred day moving average price is $56.18. Beacon Roofing Supply has a 52-week low of $45.71 and a 52-week high of $65.30. The stock has a market capitalization of $3.40 billion, a P/E ratio of 9.62 and a beta of 1.60. The company has a quick ratio of 1.10, a current ratio of 1.92 and a debt-to-equity ratio of 1.01.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.15. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Beacon Roofing Supply had a return on equity of 31.40% and a net margin of 5.52%.
Insider Buying and Selling
In related news, major shareholder Cd&R Investment Associates Ix, bought 105,320 shares of the business’s stock in a transaction on Friday, October 28th. The shares were bought at an average cost of $56.97 per share, for a total transaction of $6,000,080.40. Following the completion of the acquisition, the insider now directly owns 14,964,899 shares in the company, valued at $852,550,296.03. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.95% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Beacon Roofing Supply
Hedge funds and other institutional investors have recently made changes to their positions in the business. MQS Management LLC acquired a new stake in shares of Beacon Roofing Supply in the second quarter valued at about $495,000. Point72 Hong Kong Ltd acquired a new stake in Beacon Roofing Supply during the second quarter valued at approximately $259,000. Frontier Capital Management Co. LLC boosted its holdings in Beacon Roofing Supply by 19.9% during the second quarter. Frontier Capital Management Co. LLC now owns 1,689,713 shares of the company’s stock valued at $86,784,000 after purchasing an additional 280,972 shares in the last quarter. Alpha Paradigm Partners LLC boosted its holdings in Beacon Roofing Supply by 6.8% during the second quarter. Alpha Paradigm Partners LLC now owns 13,704 shares of the company’s stock valued at $704,000 after purchasing an additional 874 shares in the last quarter. Finally, Alpha DNA Investment Management LLC acquired a new stake in Beacon Roofing Supply during the second quarter valued at approximately $980,000.
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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