William Blair Research Analysts Lift Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)
Beacon Roofing Supply, Inc. (NASDAQ:BECN) — Equity research analysts at William Blair have raised their estimates of third-quarter 2021 earnings per share for shares of Beacon Roofing Supply in a research report published on Wednesday, July 14. William Blair analyst R. Merkel now expects the company to achieve earnings per share of $1.43 for the quarter, up from their previous estimate of $1.26. William Blair has also estimated earnings for Beacon Roofing Supply in the fourth quarter of 2021 at $1.29 EPS, FY2021 at $3.85 EPS and FY2022 at $4.40 EPS. Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly results on Thursday, May 6. The company reported $0.23 earnings per share (EPS) for the quarter, beating Thomson Reuters’ consensus estimate of $0.01 by $0.22. Beacon Roofing Supply had a positive return on equity of 16.33% and a negative net margin of 2.41%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.32 billion.
Several other analysts have also released reports on BECN. Loop Capital raised its price target for Beacon Roofing Supply from $57.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, April 20. Northcoast Research reissued a “neutral” rating on shares of Beacon Roofing Supply in a research report on Wednesday, April 21. Royal Bank of Canada raised its price target on shares of Beacon Roofing Supply from $48.00 to $63.00 and gave the stock an “sector performing” rating on Friday, May 7 in a research report. Robert W. Baird raised his price target on shares of Beacon Roofing Supply from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, May 7. Finally, Truist Securities raised its price target on shares of Beacon Roofing Supply from $49.00 to $68.00 in a research report on Friday, May 7. Five investment analysts have rated the stock with a hold rating and seven have issued a buy recommendation for the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $54.15.
Shares of NASDAQ:BECN opened Thursday at $53.34. The company has a current ratio of 2.04, a quick ratio of 1.24 and a debt-to-equity ratio of 1.34. Beacon Roofing Supply has a 1-year low of $26.52 and a 1-year high of $60.93. The 50-day moving average price of the stock is $55.47. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 15.70 and a beta of 2.02.
In related news, insider Clement Munroe Best III sold 4,000 shares of Beacon Roofing Supply stock in a trade dated Friday, May 7. The stock was sold at an average price of $60.00, for a total transaction of $240,000. Major shareholder Cd&R Investment Associates Ix also purchased 563,611 shares of the company in a transaction that took place on Thursday, April 29. The shares were purchased at an average cost of $53.23 per share, for a total transaction of $30,001,013.53. The disclosure for this purchase can be found here. 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 company. BlackRock Inc. increased its stake in Beacon Roofing Supply by 3.9% in the first quarter. BlackRock Inc. now owns 4,270,708 shares of the company worth $223,443,000 after purchasing an additional 160,963 shares during the period. Franklin Resources Inc. increased its stake in Beacon Roofing Supply by 4.8% during the first quarter. Franklin Resources Inc. now owns 1,293,838 shares of the company worth $67,694,000 after purchasing an additional 59,228 shares during the period. Russell Investments Group Ltd. increased its stake in Beacon Roofing Supply by 27.7% during the first quarter. Russell Investments Group Ltd. now owns 933,506 shares of the company worth $48,837,000 after purchasing an additional 202,670 shares during the period. Geode Capital Management LLC increased its stake in Beacon Roofing Supply by 7.9% in the first quarter. Geode Capital Management LLC now owns 928,720 shares of the company worth $48,590,000 after purchasing an additional 67,720 shares during the period. Finally, Premier Fund Managers Ltd bought a new position in Beacon Roofing Supply worth approximately $36,587,000 in the first quarter.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc., along with its subsidiaries, distributes residential and non-residential roofing materials and ancillary construction products to contractors, home builders, building owners and retailers. The company’s residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulation, metal roofing, felt, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edging and flashings, prefabricated flashings, ridges and vents, and solar systems.
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