Jefferies Financial Group Brokers Raise Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Stock analysts at Jefferies Financial Group lifted their FY2022 earnings estimates for Beacon Roofing Supply in a report issued on Wednesday, January 12th. Jefferies Financial Group analyst P. Ng now anticipates that the company will earn $4.80 per share for the year, up from their prior forecast of $4.77. Jefferies Financial Group also issued estimates for Beacon Roofing Supply’s FY2023 earnings at $5.28 EPS.

Other analysts have also issued reports about the stock. Truist lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $65.00 to $58.00 in a research report on Monday, November 29th. They noted that the move was a valuation call. Royal Bank of Canada raised shares of Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and set a $63.00 target price on the stock in a research report on Monday, October 18th. They noted that the move was a valuation call. Truist Securities lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their target price for the stock from $65.00 to $58.00 in a research report on Monday, November 29th. Stephens raised their target price on shares of 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. Finally, Raymond James raised shares of 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. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $59.62.

Beacon Roofing Supply stock opened at $55.56 on Friday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.82 and a quick ratio of 1.08. Beacon Roofing Supply has a 1-year low of $38.79 and a 1-year high of $60.93. The firm has a market capitalization of $3.90 billion, a P/E ratio of -41.77 and a beta of 2.01. The company’s 50-day moving average is $55.52 and its 200 day moving average is $53.10.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, November 18th. The company reported $1.22 EPS for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.32). Beacon Roofing Supply had a negative net margin of 0.69% and a positive return on equity of 22.23%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the previous year, the business posted $1.30 EPS. The firm’s revenue was up 6.9% on a year-over-year basis.

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 116,945 shares of the business’s stock in a transaction that occurred on Friday, October 29th. The shares were bought at an average cost of $51.31 per share, with a total value of $6,000,447.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Clayton Dubilier & Rice LLC boosted its stake in Beacon Roofing Supply by 0.8% in the third quarter. Clayton Dubilier & Rice LLC now owns 14,442,010 shares of the company’s stock valued at $689,750,000 after acquiring an additional 108,056 shares in the last quarter. FMR LLC boosted its stake in Beacon Roofing Supply by 31.6% in the second quarter. FMR LLC now owns 7,074,317 shares of the company’s stock valued at $376,709,000 after acquiring an additional 1,698,745 shares in the last quarter. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 6.9% in the second quarter. Vanguard Group Inc. now owns 5,640,860 shares of the company’s stock valued at $300,376,000 after acquiring an additional 363,568 shares in the last quarter. American Century Companies Inc. boosted its stake in Beacon Roofing Supply by 29.6% in the third quarter. American Century Companies Inc. now owns 2,907,579 shares of the company’s stock valued at $138,866,000 after acquiring an additional 663,871 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Beacon Roofing Supply by 0.6% in the third quarter. Franklin Resources Inc. now owns 1,299,783 shares of the company’s stock valued at $62,078,000 after acquiring an additional 7,915 shares in the last quarter.

Beacon Roofing Supply Company Profile

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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