Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) – Equities research analysts at William Blair increased their Q4 2023 EPS estimates for Beacon Roofing Supply in a research note issued to investors on Wednesday, September 27th. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $1.49 for the quarter, up from their previous forecast of $1.38. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $6.74 per share.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The company reported $2.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.39. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.50 billion. Beacon Roofing Supply had a return on equity of 25.15% and a net margin of 4.69%.
Other research analysts have also issued research reports about the stock. Raymond James increased their target price on shares of Beacon Roofing Supply from $75.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Jefferies Financial Group upped their target price on Beacon Roofing Supply from $75.00 to $88.00 and gave the company a “hold” rating in a research report on Thursday, July 13th. Loop Capital raised their price target on Beacon Roofing Supply from $76.00 to $84.00 in a research report on Friday, June 9th. Finally, Robert W. Baird boosted their price target on Beacon Roofing Supply from $76.00 to $95.00 in a research note on Monday, July 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $86.80.
Get Our Latest Report on BECN
Beacon Roofing Supply Trading Up 0.8 %
BECN stock opened at $78.66 on Friday. Beacon Roofing Supply has a 52 week low of $50.42 and a 52 week high of $87.46. The company has a market capitalization of $4.96 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 1.71 and a beta of 1.68. The company’s 50-day simple moving average is $80.05 and its 200 day simple moving average is $71.81. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.00 and a current ratio of 1.69.
Institutional Investors Weigh In On Beacon Roofing Supply
Several hedge funds have recently added to or reduced their stakes in BECN. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Beacon Roofing Supply during the first quarter valued at $385,000. Brandywine Global Investment Management LLC bought a new position in Beacon Roofing Supply during the 1st quarter worth $10,192,000. Eagle Asset Management Inc. lifted its holdings in Beacon Roofing Supply by 3.6% during the 1st quarter. Eagle Asset Management Inc. now owns 140,237 shares of the company’s stock worth $8,252,000 after buying an additional 4,935 shares during the period. Acrisure Capital Management LLC bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $506,000. Finally, Clayton Dubilier & Rice LLC increased its stake in shares of Beacon Roofing Supply by 0.7% in the first quarter. Clayton Dubilier & Rice LLC now owns 15,094,980 shares of the company’s stock valued at $888,340,000 after buying an additional 111,593 shares during the period.
Insider Activity
In related news, insider Jason L. Taylor sold 2,152 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $78.19, for a total transaction of $168,264.88. Following the completion of the transaction, the insider now directly owns 8,689 shares in the company, valued at approximately $679,392.91. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Jason L. Taylor sold 2,152 shares of the business’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $78.19, for a total transaction of $168,264.88. Following the sale, the insider now owns 8,689 shares in the company, valued at approximately $679,392.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Cd&R Investment Associates Ix, bought 46,170 shares of the stock in a transaction on Monday, September 11th. The stock was purchased at an average cost of $63.59 per share, with a total value of $2,935,950.30. Following the acquisition, the insider now owns 10,218,134 shares in the company, valued at $649,771,141.06. The disclosure for this purchase can be found here. 0.95% of the stock is currently owned by corporate insiders.
About Beacon Roofing Supply
(Get Free Report)
Beacon Roofing Supply, Inc, together with its subsidiaries, engages in distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. 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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