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

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

Several other research analysts also recently commented on the company. Truist Securities downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $65.00 to $58.00 in a report on Monday, November 29th. Raymond James upgraded Beacon Roofing Supply from a “market perform” rating to an “outperform” rating and set a $62.00 price objective on the stock in a report on Monday, December 6th. Royal Bank of Canada upgraded Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a report on Monday, October 18th. They noted that the move was a valuation call. Stephens lifted their price objective on Beacon Roofing Supply from $56.00 to $62.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 24th. Finally, Truist downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $65.00 to $58.00 in a report on Monday, November 29th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Hold” and an average target price of $59.62.

Shares of BECN stock opened at $55.56 on Friday. The firm has a market cap of $3.90 billion, a P/E ratio of -41.77 and a beta of 2.01. The business has a 50-day moving average price of $55.52 and a two-hundred day moving average price of $53.10. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 0.94. Beacon Roofing Supply has a 12-month low of $38.79 and a 12-month high of $60.93.

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

In other news, major shareholder Cd&R Investment Associates Ix, bought 116,945 shares of Beacon Roofing Supply stock in a transaction on Friday, October 29th. The shares were purchased at an average price of $51.31 per share, for a total transaction of $6,000,447.95. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of BECN. Advisory Services Network LLC purchased a new position in shares of Beacon Roofing Supply during the 2nd quarter worth approximately $25,000. Exchange Traded Concepts LLC bought a new stake in shares of Beacon Roofing Supply in the 4th quarter worth approximately $26,000. UBS Group AG boosted its position in shares of Beacon Roofing Supply by 44.5% in the 3rd quarter. UBS Group AG now owns 1,455 shares of the company’s stock worth $69,000 after purchasing an additional 448 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in shares of Beacon Roofing Supply in the 3rd quarter worth approximately $86,000. Finally, Advisor Group Holdings Inc. boosted its position in shares of Beacon Roofing Supply by 47.7% in the 2nd quarter. Advisor Group Holdings Inc. now owns 1,645 shares of the company’s stock worth $87,000 after purchasing an additional 531 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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