Q2 2022 Earnings Estimate for Beacon Roofing Supply, Inc. Issued By Jefferies Financial Group (NASDAQ:BECN)
Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Stock analysts at Jefferies Financial Group upped their Q2 2022 earnings estimates for Beacon Roofing Supply in a report issued on Monday, November 22nd. Jefferies Financial Group analyst P. Ng now anticipates that the company will post earnings per share of $0.24 for the quarter, up from their prior forecast of $0.21. Jefferies Financial Group currently has a “Hold” rating and a $56.00 target price on the stock. Jefferies Financial Group also issued estimates for Beacon Roofing Supply’s Q3 2022 earnings at $1.61 EPS and Q1 2023 earnings at $1.22 EPS. Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, November 18th. The company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.54 by ($0.32). The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.88 billion. Beacon Roofing Supply had a positive return on equity of 22.81% and a negative net margin of 0.69%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.30 EPS.
Other equities analysts also recently issued research reports about the stock. Stephens increased their price target on shares of Beacon Roofing Supply from $56.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, August 23rd. 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. Berenberg Bank lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Thursday, August 12th. TheStreet raised Beacon Roofing Supply from a “c+” rating to a “b” rating in a research note on Friday, August 6th. Finally, Zacks Investment Research downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and set a $55.00 target price for the company. in a research note on Wednesday, August 11th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $60.15.
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Shares of Beacon Roofing Supply stock opened at $55.65 on Tuesday. The company has a market capitalization of $3.90 billion, a PE ratio of -41.84 and a beta of 1.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.93 and a current ratio of 1.65. The company has a 50-day simple moving average of $52.60 and a two-hundred day simple moving average of $53.41. Beacon Roofing Supply has a one year low of $35.86 and a one year high of $60.93.
In related news, major shareholder Cd&R Investment Associates Ix, purchased 116,945 shares of the business’s stock in a transaction that occurred on Friday, October 29th. The shares were acquired at an average price of $51.31 per share, with a total value of $6,000,447.95. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in shares of Beacon Roofing Supply by 3.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 299,616 shares of the company’s stock worth $15,954,000 after acquiring an additional 9,938 shares during the last quarter. First Trust Advisors LP boosted its position in Beacon Roofing Supply by 66.1% during the second quarter. First Trust Advisors LP now owns 51,930 shares of the company’s stock valued at $2,765,000 after purchasing an additional 20,667 shares during the last quarter. One Wealth Advisors LLC acquired a new stake in Beacon Roofing Supply during the first quarter valued at $207,000. American Century Companies Inc. raised its holdings in Beacon Roofing Supply by 125.9% during the second quarter. American Century Companies Inc. now owns 2,243,708 shares of the company’s stock valued at $119,477,000 after buying an additional 1,250,650 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Beacon Roofing Supply by 124.0% during the second quarter. Amalgamated Bank now owns 9,865 shares of the company’s stock valued at $525,000 after buying an additional 5,461 shares in the last quarter.
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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