Q2 2024 EPS Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN) Cut by William Blair

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Investment analysts at William Blair lowered their Q2 2024 EPS estimates for shares of Beacon Roofing Supply in a research note issued on Friday, May 3rd. William Blair analyst R. Merkel now expects that the company will earn $2.91 per share for the quarter, down from their previous forecast of $3.08. William Blair currently has a “Outperform” rating on the stock. 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.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 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 analyst estimates of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.31% and a net margin of 4.47%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 EPS.

BECN has been the subject of a number of other research reports. Robert W. Baird raised their price objective on Beacon Roofing Supply from $115.00 to $117.00 and gave the company an “outperform” rating in a research note on Friday. BMO Capital Markets upped their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Benchmark assumed coverage on Beacon Roofing Supply in a research report on Thursday, April 18th. They set a “buy” rating and a $135.00 price objective for the company. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. Finally, StockNews.com upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Tuesday, April 16th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and a consensus target price of $104.33.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $95.89 on Monday. The firm’s 50-day moving average is $93.77 and its two-hundred day moving average is $86.11. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. Beacon Roofing Supply has a 12-month low of $57.01 and a 12-month high of $103.75. The stock has a market capitalization of $6.08 billion, a P/E ratio of -152.21 and a beta of 1.59.

Institutional Trading of Beacon Roofing Supply

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new position in Beacon Roofing Supply during the first quarter worth $26,000. PNC Financial Services Group Inc. increased its position in shares of Beacon Roofing Supply by 145.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after acquiring an additional 203 shares during the period. Quarry LP raised its holdings in Beacon Roofing Supply by 127.1% in the fourth quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after acquiring an additional 225 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new stake in Beacon Roofing Supply in the fourth quarter valued at $36,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Beacon Roofing Supply by 49.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock valued at $38,000 after buying an additional 161 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the sale, the insider now owns 10,531 shares of the company’s stock, valued at $1,000,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’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 transaction, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 1,805 shares of the business’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 completion of the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

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.