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Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Rating) - Stock analysts at Jefferies Financial Group upped their Q3 2022 EPS estimates for shares of Beacon Roofing Supply in a report issued on Saturday, August 6th. Jefferies Financial Group analyst P. Ng now forecasts that the company will post earnings per share of $2.19 for the quarter, up from their prior estimate of $1.94. The consensus estimate for Beacon Roofing Supply's current full-year earnings is $6.65 per share. Jefferies Financial Group also issued estimates for Beacon Roofing Supply's Q4 2022 earnings at $1.27 EPS and FY2022 earnings at $7.22 EPS.
A number of other research analysts also recently weighed in on BECN. Robert W. Baird upped their price target on Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. JPMorgan Chase & Co. dropped their price target on Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Stephens dropped their price target on Beacon Roofing Supply from $72.00 to $64.00 and set an "equal weight" rating on the stock in a research note on Monday. William Blair downgraded Beacon Roofing Supply from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 19th. Finally, Royal Bank of Canada downgraded Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from $70.00 to $58.00 in a research note on Wednesday, June 22nd. Nine research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $61.63.Beacon Roofing Supply Stock Up 0.6 %
Shares of BECN opened at $59.97 on Tuesday. The company has a market capitalization of $4.12 billion, a PE ratio of 12.73 and a beta of 1.79. Beacon Roofing Supply has a 12 month low of $45.71 and a 12 month high of $65.30. The stock's 50-day moving average price is $56.49 and its two-hundred day moving average price is $57.95. The company has a current ratio of 1.85, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.
Beacon Roofing Supply (NASDAQ:BECN - Get Rating) last released its earnings results on Thursday, August 4th. The company reported $2.80 EPS for the quarter, beating the consensus estimate of $2.36 by $0.44. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.28 billion. Beacon Roofing Supply had a net margin of 5.25% and a return on equity of 28.81%. The business's quarterly revenue was up 26.0% compared to the same quarter last year. During the same period last year, the firm earned $1.59 EPS. Hedge Funds Weigh In On Beacon Roofing Supply
Several institutional investors have recently modified their holdings of BECN. JPMorgan Chase & Co. grew its holdings in shares of Beacon Roofing Supply by 560.5% in the fourth quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company's stock valued at $119,611,000 after acquiring an additional 1,769,848 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Beacon Roofing Supply by 14.8% in the fourth quarter. American Century Companies Inc. now owns 3,337,122 shares of the company's stock valued at $191,384,000 after acquiring an additional 429,543 shares in the last quarter. Frontier Capital Management Co. LLC lifted its stake in Beacon Roofing Supply by 19.9% in the second quarter. Frontier Capital Management Co. LLC now owns 1,689,713 shares of the company's stock valued at $86,784,000 after purchasing an additional 280,972 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Beacon Roofing Supply by 9.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company's stock valued at $123,921,000 after purchasing an additional 191,517 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in Beacon Roofing Supply by 24.8% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 621,115 shares of the company's stock valued at $36,820,000 after purchasing an additional 123,395 shares during the last quarter. Insiders Place Their Bets
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 103,931 shares of Beacon Roofing Supply stock in a transaction dated Friday, July 29th. The stock was bought at an average cost of $57.73 per share, with a total value of $5,999,936.63. Following the completion of the acquisition, the insider now directly owns 14,859,579 shares in the company, valued at approximately $857,843,495.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.Read MoreGet a free copy of the StockNews.com research report on Beacon Roofing Supply (BECN)Home Depot, Lowe's On Track To Grow 2022 Earnings Could Smaller be Better for Investors in Norwegian Cruise Lines? Walmart Or Target: Which Is The Stronger Stock? MarketBeat Podcast: Investing in What You Know Has ChangedVolume Surges Spark Turnarounds for These 3 Stocks
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