Beacon Roofing Supply (NASDAQ:BECN) recently released its quarterly earnings report for the period ending on August 3rd, 2023. The company reported impressive earnings of $2.66 per share (EPS) for the quarter, surpassing the consensus estimate of $2.27 by $0.39. Additionally, Beacon Roofing Supply generated revenues of $2.50 billion during this period, in line with market expectations.
With a return on equity of 25.15% and a net margin of 4.69%, Beacon Roofing Supply continues to demonstrate its financial strength and ability to deliver consistent results. The company’s solid performance is indicative of its strategic business practices and commitment to providing value to shareholders.
In other news, insider Jason L. Taylor recently sold 2,152 shares of Beacon Roofing Supply’s stock in a transaction that took place on September 13th, 2023. The shares were sold at an average price of $78.19, resulting in a total transaction value of $168,264.88. Following this sale, Taylor now directly owns 8,689 shares in the company with an approximate value of $679,392.91.
The disclosure for this transaction can be found in a filing with the Securities and Exchange Commission (SEC), which is available through their official website. It highlights Beacon Roofing Supply’s commitment to transparency and regulatory compliance.
Furthermore, it should be noted that major shareholder Cd&R Investment Associates Ix acquired 46,170 shares of Beacon Roofing Supply’s stock on September 11th, 2023. The purchase was made at an average cost of $63.59 per share and amounted to a total investment value of $2,935,950.30 for the shareholder. Following this acquisition, Cd&R Investment Associates Ix now holds approximately 10,218,134 shares in the company worth $649,771,141.06.
These recent developments provide valuable insights into Beacon Roofing Supply’s financial activities and the confidence exhibited by its insiders and major shareholders. It is a testament to the positive market sentiment surrounding the company’s growth potential and future prospects.
In conclusion, Beacon Roofing Supply’s latest earnings report showcases its ability to outperform market expectations, reflecting strong operational performance. The company continues to attract investor interest as demonstrated by insider transactions and major shareholder activity. This indicates a growing confidence in Beacon Roofing Supply’s long-term success and positions it well for continued growth in the roofing supply industry.
The Bank of New York Mellon Corporation
BK
Strong Buy
Updated on: 01/10/2023
Price Target
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Social Sentiments
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Analyst Ratings
| Analyst / firm | Rating |
|---|---|
| Wells Fargo | Buy |
| Piper Sandler | Buy |
|
Gerard Cassidy RBC Capital |
Buy |
| New Street | Buy |
| New Street | Buy |
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Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Increase in Earnings Estimates and Analyst Ratings
Beacon Roofing Supply, Inc. (NASDAQ:BECN) has recently received an increase in their earnings per share (EPS) estimates for the fourth quarter of 2023. Equities research analysts at William Blair raised their forecasted EPS from $1.38 to $1.49. The company’s current full-year earnings estimate is $6.74 per share.
This increase in earnings estimates comes after other research analysts have also issued reports on Beacon Roofing Supply’s stock. Raymond James increased their target price to $95.00 and labeled the stock as “outperform” in a recent report. Conversely, StockNews.com downgraded the stock from “buy” to “hold.”
Jefferies Financial Group also adjusted their target price from $75.00 to $88.00 and maintained a “hold” rating for the company. Loop Capital raised its price target to $84.00 while Robert W. Baird further increased theirs to $95 – both giving the stock ratings of “hold.” Bloomberg.com reported that the average rating for Beacon Roofing Supply is currently “Hold,” with an average target price of $86.80.
In other news, on September 13th, insider Jason L. Taylor sold 2,152 shares of the company’s stock for an average price of $78.19, making a total transaction value of $168,264.88. Following this sale, Taylor now owns 8,689 shares valued at approximately $679,392.
Furthermore, major shareholder Cd&R Investment Associates Ix acquired 46,170 shares on September 11th at an average cost of $63.59 per share, totaling a value of $2,935,950.30.
As of Friday’s market opening, BECN stock stood at $78.66 per share with a 52-week low of $50.42 and a 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. Its 50-day simple moving average is $80.05, while the 200-day simple moving average is $71.81. With a debt-to-equity ratio of 0.86, the company’s quick ratio currently stands at 1, and its current ratio at 1.69.
Recent filings with the Securities & Exchange Commission reveal that corporate insiders own approximately 0.95% of Beacon Roofing Supply’s stock.
Several hedge funds have also made moves regarding their stake in BECN recently. Connor Clark & Lunn Investment Management Ltd acquired shares during the first quarter worth approximately $385,000. Brandywine Global Investment Management LLC added to their position in Beacon Roofing Supply with an investment valued at around $10,192,000 during the same period.
Eagle Asset Management Inc., on the other hand, increased their holdings in the company by approximately 3.6% during the first quarter after purchasing an additional 4,935 shares – bringing their total to 140,237 shares worth $8,252,000.
Furthermore, Acrisure Capital Management LLC also bought shares in Beacon Roofing Supply during the fourth quarter amounting to roughly $506,000.
Lastly, Clayton Dubilier & Rice LLC raised their stake in the company by approximately 0.7% during Q1 and now owns a total of 15,094,980 shares valued at $888,340,000 – having acquired an additional amount of around 111,593 shares during this period.
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https://beststocks.com/beacon-roofing-supply-surpasses-expectation-2/
