Q2 2024 Earnings Forecast for Beacon Roofing Supply, Inc. Issued By William Blair (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities research analysts at William Blair lowered their Q2 2024 EPS estimates for shares of Beacon Roofing Supply in a report issued on Friday, May 3rd. William Blair analyst R. Merkel now expects that the company will post earnings per share of $2.91 for the quarter, down from their prior forecast 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.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly 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 company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the firm earned $1.18 earnings per share. The business’s revenue was up 16.8% compared to the same quarter last year.

A number of other equities analysts have also weighed in on BECN. Loop Capital boosted their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, April 1st. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. BMO Capital Markets raised their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Robert W. Baird increased their target price 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. Finally, Benchmark began coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and a consensus price target of $104.33.

Beacon Roofing Supply Trading Down 1.7 %

Shares of BECN stock opened at $93.86 on Monday. Beacon Roofing Supply has a twelve month low of $57.88 and a twelve month high of $103.75. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of -148.98 and a beta of 1.59. The firm has a 50-day moving average price of $94.00 and a 200 day moving average price of $86.44. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the transaction, the executive vice president now owns 176 shares in the company, valued at $16,521.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply 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 sale, the executive vice president now owns 176 shares in the company, valued at $16,521.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 10,531 shares of the company’s stock, valued at $1,000,445. 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 large investors have recently modified their holdings of BECN. Caprock Group LLC boosted its holdings in Beacon Roofing Supply by 1.3% in the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock valued at $860,000 after purchasing an additional 111 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Beacon Roofing Supply by 28.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after purchasing an additional 116 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in shares of Beacon Roofing Supply by 1.9% during the 4th quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock valued at $570,000 after buying an additional 121 shares during the last quarter. SummerHaven Investment Management LLC grew its position in shares of Beacon Roofing Supply by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after buying an additional 129 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in shares of Beacon Roofing Supply by 49.4% during the third quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after buying an additional 161 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.