William Blair Analysts Reduce Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Analysts at William Blair decreased their Q2 2024 earnings per share (EPS) estimates for Beacon Roofing Supply in a research report issued on Friday, May 3rd. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $2.91 for the quarter, down from their prior estimate of $3.08. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.78 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q3 2024 earnings at $2.94 EPS and Q4 2024 earnings at $1.64 EPS.

A number of other research firms also recently weighed in on BECN. StockNews.com downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. cut their target price on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating for the company in a research report on Thursday, January 11th. Robert W. Baird raised their price target on Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. BMO Capital Markets upped their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Finally, Truist Financial raised their target price on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $104.33.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock opened at $93.86 on Monday. The company has a quick ratio of 1.06, a current ratio of 1.85 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of -148.98 and a beta of 1.59. Beacon Roofing Supply has a twelve month low of $57.88 and a twelve month high of $103.75. The company has a 50-day simple moving average of $94.00 and a two-hundred day simple moving average of $86.44.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.31% and a net margin of 4.47%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period in the prior year, the business posted $1.18 EPS. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now owns 176 shares of the company’s stock, valued at approximately $16,521.12. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently modified their holdings of BECN. Cambridge Investment Research Advisors Inc. grew its position in shares of Beacon Roofing Supply by 5.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,209 shares of the company’s stock valued at $325,000 after buying an additional 200 shares during the last quarter. Xponance Inc. increased its position in Beacon Roofing Supply by 10.5% during the 3rd quarter. Xponance Inc. now owns 3,315 shares of the company’s stock valued at $256,000 after purchasing an additional 314 shares during the period. Raymond James & Associates raised its holdings in Beacon Roofing Supply by 76.2% during the 3rd quarter. Raymond James & Associates now owns 38,263 shares of the company’s stock worth $2,953,000 after purchasing an additional 16,552 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Beacon Roofing Supply by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 253,366 shares of the company’s stock worth $19,552,000 after purchasing an additional 13,678 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Beacon Roofing Supply by 11.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,796 shares of the company’s stock valued at $602,000 after purchasing an additional 785 shares during the last quarter. Institutional investors own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.