Beacon Roofing Supply (NASDAQ:BECN) remains a renowned supplier of roofing materials and related products, with shares opening at $80.52 on Wednesday. The company has a debt-to-equity ratio of 1.00, a short-term ratio of 1.09 and a current ratio of 2.07, factors that have helped bolster the company’s strength in the marketplace. With a market cap of $5.13 billion, Beacon Roofing Supply stock has posted significant growth since its 1-year low of $45.71 and is poised to find further upside momentum if this trend continues.
A report by Robert W. Baird published on Monday, February 27 raised the price target for Beacon Roofing Supply to $76 from $65, while other hold and sell operations weighed on BECN’s growth prospects. This was followed by another report from Stocknews.com, which gave Beacon Roofing Supply a Hold rating. In a research note from Deutsche Bank Aktiengesellschaft issued on Friday, May 5, it was announced that the company’s price target had increased to $86 from $85; while Loop Capital further increased the price from $76 to $84 in a research note published last Friday, June 9th.
Recent reports indicate that one investment analyst rates the stock as a sell, six analysts as a hold and two as a buy. However, according to Bloomberg’s consensus rating, the stock is currently on hold, with a consensus price target of around $73.78.
Recent transactions provided by insiders are encouraging for those interested in investing in BECN as Stuart A. Randle is selling over seven hundred thousand dollars ($745,956.57) in his shares; while Christopher Carl Nelson sold more than half of his trading portfolio, earning him over five hundred thousand dollars ($628,172.45) in profit.
Last month, Beacon Roofing Supply released its 2017 first quarter EPS results, beating the consensus estimate by $0.06. The company posted earnings per share of $0.67 and reported business revenue of $1.73 billion compared to the expected consensus report of $1.78 billion.
Many analysts’ forecasts suggest that BECN will continue to grow faster in the coming years given its strong financial reports and good debt-to-equity ratio.
Overall, based on these analyzes and with positive reviews from top investment firms, Beacon Roofing Supply continues to make progress; It is clear that there is great potential for those considering BECN to add value to their trading portfolio.
Beacon Roofing Supply, Inc.
BECN
Strong buy
Updated on: 06/23/2023
price target
Current
Agreed
Low
median
High
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social feelings
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Analyst Ratings
| Analyst / Company | Evaluation |
|---|---|
|
Sticky Mamtora |
Obtain |
| Deutsche Bank | Obtain |
| Stephens | Sell |
| JP Morgan | Sell |
| Wells Fargo | Sell |
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Zacks Research lowers earnings estimate for Beacon Roofing Supply, Inc. (NASDAQ:BECN) for the first quarter of 2024 despite positive investor interest
Beacon Roofing Supply, Inc. (NASDAQ:BECN) is a leading distributor of roofing materials and other exterior construction products. The company operates in the United States and Canada and offers its customers a wide range of high-quality products for residential and commercial construction projects.
Recently, Zacks Research issued a report stating that the company lowered its earnings estimate for the first quarter of 2024 for Beacon Roofing Supply. Analysts at Zacks Research are now forecasting the company to post earnings of $0.69 per share for the quarter, down from the previous forecast of $0.76. Despite this drop in estimates, the consensus estimate for Beacon Roofing Supply’s full-year earnings remains high at $6.43 per share.
Despite these changes in estimates, several large investors have recently made changes to their positions in BECN. Advisor Group Holdings Inc., for example, recently increased its stake in Beacon Roofing Supply by 37.5% in the first quarter and purchased an additional 300 shares during that period.
Likewise, Raymond James & Associates increased its stake in Beacon Roofing Supply by 11.6% during the first quarter and purchased an additional 1,397 shares during the same period. Meanwhile, AlphaCrest Capital Management LLC increased its stake in Beacon Roofing Supply by 4%, indicating continued investor interest in the company’s potential growth prospects.
Overall, despite some volatility in earnings forecasts and changes in investor positions within the roofing industry, Beacon Roofing Supply remains well positioned to continue providing quality products and services to its customers across North America. With continued investment and strategic decisions by management, it is likely that BECN will continue to grow and prosper as a leading supplier of roofing accessories and materials in the future.
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https://beststocks.com/beacon-roofing-supply-poised-for-strong-growth-ac/
