William Blair Equities Analysts Cut Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities researchers at William Blair cut their Q2 2022 EPS estimates for Beacon Roofing Supply in a report released on Friday, February 4th. William Blair analyst R. Merkel now anticipates that the company will post earnings of $0.42 per share for the quarter, down from their prior estimate of $0.44. William Blair also issued estimates for Beacon Roofing Supply’s Q1 2023 earnings at $1.27 EPS.

A number of other equities research analysts also recently issued reports on BECN. Robert W. Baird boosted their price target on Beacon Roofing Supply from $69.00 to $72.00 in a research note on Friday. Royal Bank of Canada upgraded shares of Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and set a $63.00 price target on the stock in a research note on Monday, October 18th. They noted that the move was a valuation call. Truist Financial reduced their price objective on Beacon Roofing Supply from $58.00 to $55.00 in a research note on Monday. Raymond James upgraded Beacon Roofing Supply from a “market perform” rating to an “outperform” rating and set a $62.00 target price on the stock in a research report on Monday, December 6th. Finally, Stephens upped their price target on Beacon Roofing Supply from $56.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 24th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.00.

NASDAQ BECN opened at $53.10 on Monday. Beacon Roofing Supply has a 1-year low of $42.26 and a 1-year high of $60.93. The business’s fifty day moving average price is $54.72 and its 200-day moving average price is $53.26. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.82 and a quick ratio of 1.08. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 19.89 and a beta of 1.97.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, November 18th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.32). Beacon Roofing Supply had a net margin of 3.56% and a return on equity of 23.98%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the company posted $1.30 earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Equity Services LLC increased its position in Beacon Roofing Supply by 4.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company’s stock worth $352,000 after purchasing an additional 247 shares during the last quarter. Equitable Trust Co. increased its holdings in shares of Beacon Roofing Supply by 3.5% in the 4th quarter. Equitable Trust Co. now owns 7,330 shares of the company’s stock worth $420,000 after buying an additional 249 shares during the last quarter. Legal & General Group Plc raised its position in shares of Beacon Roofing Supply by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 59,397 shares of the company’s stock valued at $3,163,000 after buying an additional 337 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Beacon Roofing Supply by 1.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,242 shares of the company’s stock valued at $1,104,000 after acquiring an additional 341 shares during the last quarter. Finally, Exchange Traded Concepts LLC purchased a new position in Beacon Roofing Supply in the fourth quarter worth about $26,000.

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, purchased 107,456 shares of the company’s stock in a transaction on Friday, January 28th. The stock was acquired at an average cost of $55.84 per share, for a total transaction of $6,000,343.04. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.95% of the company’s stock.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.

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