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Beacon Roofing (BECN) Moves 7.7% Higher: Will This Strength Last?
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Beacon Roofing Supply (BECN - Free Report) shares ended the last trading session 7.7% higher at $117.18. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.4% gain over the past four weeks.
The stock price jumped after Beacon Roofing Supply announced on Wednesday that it had rejected an $11 billion takeover bid from QXO, stating that the offer "significantly undervalues" the roofing materials supplier. Earlier that day, QXO's CEO Brad Jacobs publicly disclosed the company's $124.25 per share proposal for the Virginia-based Beacon.
This roofing materials distributor is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of -1.7%. Revenues are expected to be $2.42 billion, up 5.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Beacon Roofing, the consensus EPS estimate for the quarter has been revised 9.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BECN going forward to see if this recent jump can turn into more strength down the road.
Beacon Roofing belongs to the Zacks Building Products - Retail industry. Another stock from the same industry, Tecnoglass (TGLS - Free Report) , closed the last trading session 3.9% higher at $80.75. Over the past month, TGLS has returned -4.4%.
For Tecnoglass, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.01. This represents a change of +26.3% from what the company reported a year ago. Tecnoglass currently has a Zacks Rank of #3 (Hold).
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Beacon Roofing (BECN) Moves 7.7% Higher: Will This Strength Last?
Beacon Roofing Supply (BECN - Free Report) shares ended the last trading session 7.7% higher at $117.18. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.4% gain over the past four weeks.
The stock price jumped after Beacon Roofing Supply announced on Wednesday that it had rejected an $11 billion takeover bid from QXO, stating that the offer "significantly undervalues" the roofing materials supplier. Earlier that day, QXO's CEO Brad Jacobs publicly disclosed the company's $124.25 per share proposal for the Virginia-based Beacon.
This roofing materials distributor is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of -1.7%. Revenues are expected to be $2.42 billion, up 5.3% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Beacon Roofing, the consensus EPS estimate for the quarter has been revised 9.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on BECN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Beacon Roofing belongs to the Zacks Building Products - Retail industry. Another stock from the same industry, Tecnoglass (TGLS - Free Report) , closed the last trading session 3.9% higher at $80.75. Over the past month, TGLS has returned -4.4%.
For Tecnoglass, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.01. This represents a change of +26.3% from what the company reported a year ago. Tecnoglass currently has a Zacks Rank of #3 (Hold).