Beacon Roofing Supply, Inc. to Post Q3 2022 Earnings of $1.84 Per Share, William Blair Forecasts (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Analysts at William Blair lifted their Q3 2022 EPS estimates for shares of Beacon Roofing Supply in a report issued on Thursday, May 5th. William Blair analyst R. Merkel now anticipates that the company will post earnings of $1.84 per share for the quarter, up from their previous forecast of $1.76.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly earnings data on Thursday, February 3rd. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.09. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.49%. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.57 billion.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday. Truist Financial dropped their price objective on shares of Beacon Roofing Supply from $58.00 to $55.00 in a research report on Monday, February 7th. StockNews.com started coverage on shares of Beacon Roofing Supply in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company upped their target price on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research note on Wednesday, April 20th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $63.22.

Beacon Roofing Supply stock opened at $63.44 on Monday. Beacon Roofing Supply has a 52-week low of $46.62 and a 52-week high of $64.90. The firm has a fifty day moving average of $59.83 and a 200-day moving average of $56.86. The firm has a market capitalization of $4.47 billion, a P/E ratio of 18.34 and a beta of 1.77. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 0.94.

Several large investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of Beacon Roofing Supply by 560.5% in the 4th quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock worth $119,611,000 after acquiring an additional 1,769,848 shares during the period. American Century Companies Inc. increased its holdings in shares of Beacon Roofing Supply by 29.6% in the 3rd quarter. American Century Companies Inc. now owns 2,907,579 shares of the company’s stock worth $138,866,000 after acquiring an additional 663,871 shares during the period. Norges Bank acquired a new stake in shares of Beacon Roofing Supply in the 4th quarter worth about $29,982,000. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Beacon Roofing Supply in the 4th quarter worth about $28,544,000. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Beacon Roofing Supply by 46.3% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company’s stock worth $80,222,000 after acquiring an additional 442,700 shares during the period.

In related news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of Beacon Roofing Supply stock in a transaction on Friday, April 29th. The shares were purchased at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the purchase, the insider now directly owns 14,755,648 shares of the company’s stock, valued at approximately $866,156,537.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clement Munroe Best III sold 4,000 shares of the stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $63.00, for a total transaction of $252,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.

About Beacon Roofing Supply (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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