Q1 2024 Earnings Forecast for Beacon Roofing Supply, Inc. (NASDAQ:BECN) Issued By William Blair

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Investment analysts at William Blair lowered their Q1 2024 earnings estimates for shares of Beacon Roofing Supply in a research report issued on Wednesday, April 10th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $0.33 for the quarter, down from their previous estimate of $0.36. William Blair has a “Outperform” rating on the stock. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.85 per share. William Blair also issued estimates for Beacon Roofing Supply’s FY2024 earnings at $8.25 EPS and FY2025 earnings at $10.21 EPS.

A number of other brokerages have also recently issued reports on BECN. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Stifel Nicolaus boosted their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $99.00 to $115.00 in a research note on Thursday, February 29th. JPMorgan Chase & Co. decreased their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. Finally, StockNews.com cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Beacon Roofing Supply Stock Down 0.7 %

Shares of BECN opened at $97.14 on Thursday. Beacon Roofing Supply has a 12 month low of $56.94 and a 12 month high of $102.83. The firm’s 50 day moving average is $90.52 and its 200-day moving average is $83.80. The stock has a market capitalization of $6.16 billion, a PE ratio of -206.68, a P/E/G ratio of 1.74 and a beta of 1.63. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.22). The company 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 26.95% and a net margin of 4.74%. The company’s revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the business earned $1.18 earnings per share.

Insider Activity at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the transaction, the insider now owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the transaction, the insider now owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction 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 sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The disclosure for this sale can be found here. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. increased its stake in Beacon Roofing Supply by 4.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 662,657 shares of the company’s stock valued at $57,665,000 after purchasing an additional 27,185 shares in the last quarter. Deutsche Bank AG increased its stake in Beacon Roofing Supply by 25.2% in the third quarter. Deutsche Bank AG now owns 30,866 shares of the company’s stock valued at $2,382,000 after purchasing an additional 6,210 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Beacon Roofing Supply by 80.2% in the third quarter. Teacher Retirement System of Texas now owns 26,584 shares of the company’s stock valued at $2,051,000 after purchasing an additional 11,828 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in Beacon Roofing Supply in the third quarter valued at $6,442,000. Finally, Hsbc Holdings PLC increased its position in shares of Beacon Roofing Supply by 145.5% during the third quarter. Hsbc Holdings PLC now owns 75,186 shares of the company’s stock worth $5,834,000 after acquiring an additional 44,564 shares in the last quarter. 98.45% of the stock is owned by institutional investors.

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.