FY2022 Earnings Forecast for Beacon Roofing Supply, Inc. Issued By William Blair (NASDAQ:BECN)

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FY2022 Earnings Forecast for Beacon Roofing Supply, Inc. Issued By William Blair (NASDAQ:BECN)
FY2022 Earnings Forecast for Beacon Roofing Supply, Inc. Issued By William Blair (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) – Analysts at William Blair boosted their FY2022 earnings per share estimates for Beacon Roofing Supply in a research report issued on Friday, April 22nd. William Blair analyst R. Merkel now expects that the company will post earnings of $5.41 per share for the year, up from their previous forecast of $5.15. William Blair also issued estimates for Beacon Roofing Supply’s FY2023 earnings at $5.83 EPS.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly earnings results on Thursday, February 3rd. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.09. Beacon Roofing Supply had a net margin of 3.56% and a return on equity of 23.98%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.57 billion.

Other research analysts have also issued reports about the stock. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $72.00 to $74.00 in a research note on Tuesday, April 12th. Truist Financial lowered their target price on shares of Beacon Roofing Supply from $58.00 to $55.00 in a research note on Monday, February 7th. JPMorgan Chase & Co. lowered their target price on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 20th. Wells Fargo & Company raised their target price on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $62.22.

NASDAQ:BECN opened at $60.05 on Monday. Beacon Roofing Supply has a 1 year low of $46.62 and a 1 year high of $63.64. The firm’s fifty day simple moving average is $59.00 and its 200 day simple moving average is $56.15. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $4.23 billion, a PE ratio of 22.49 and a beta of 1.91.

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 107,456 shares of the firm’s stock in a transaction dated Friday, January 28th. The shares were acquired at an average cost of $55.84 per share, for a total transaction of $6,000,343.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clement Munroe Best III sold 4,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $63.00, for a total transaction of $252,000.00. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Ellevest Inc. lifted its holdings in Beacon Roofing Supply by 1,193.9% during the 1st quarter. Ellevest Inc. now owns 427 shares of the company’s stock valued at $25,000 after purchasing an additional 394 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth about $26,000. UBS Group AG raised its stake in shares of Beacon Roofing Supply by 44.5% in the third quarter. UBS Group AG now owns 1,455 shares of the company’s stock worth $69,000 after acquiring an additional 448 shares during the last quarter. Gladius Capital Management LP bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth about $92,000. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Beacon Roofing Supply by 43.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,411 shares of the company’s stock worth $138,000 after acquiring an additional 733 shares during the last quarter.

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.

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FY2022 Earnings Forecast for Beacon Roofing Supply, Inc. Issued By William Blair (NASDAQ:BECN)

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