Q1 2024 Earnings Estimate for Beacon Roofing Supply, Inc. Issued By Zacks Research (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Zacks Research decreased their Q1 2024 earnings per share estimates for shares of Beacon Roofing Supply in a report released on Thursday, March 28th. Zacks Research analyst S. Mukherjee now expects that the company will post earnings per share of $0.38 for the quarter, down from their previous estimate of $0.42. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.87 per share. Zacks Research also issued estimates for Beacon Roofing Supply’s Q3 2024 earnings at $2.63 EPS, Q2 2025 earnings at $2.69 EPS and Q3 2025 earnings at $2.33 EPS.

A number of other research firms also recently issued reports on BECN. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Stifel Nicolaus lifted their price objective on Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a research report on Tuesday, December 19th. William Blair raised Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. StockNews.com raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Wednesday, February 28th. Finally, Robert W. Baird raised Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $99.00 to $115.00 in a research report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.45.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $98.02 on Friday. The business has a 50-day simple moving average of $87.14 and a two-hundred day simple moving average of $82.07. Beacon Roofing Supply has a 52-week low of $54.60 and a 52-week high of $99.11. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.18 earnings per share.

Institutional Trading of Beacon Roofing Supply

Hedge funds have recently modified their holdings of the company. Advisor Group Holdings Inc. increased its position in shares of Beacon Roofing Supply by 37.5% during the 1st quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after purchasing an additional 300 shares during the last quarter. Raymond James & Associates increased its position in shares of Beacon Roofing Supply by 11.6% during the 1st quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock valued at $797,000 after purchasing an additional 1,397 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Beacon Roofing Supply during the 1st quarter valued at approximately $317,000. AlphaCrest Capital Management LLC grew its position in Beacon Roofing Supply by 4.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock valued at $419,000 after acquiring an additional 273 shares during the last quarter. Finally, Bank of Montreal Can grew its position in Beacon Roofing Supply by 27.0% in the 1st quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock valued at $665,000 after acquiring an additional 2,267 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the sale, the insider now directly owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.95% of the company’s stock.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company 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.