Q1 2024 EPS Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN) Cut by Analyst

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities researchers at William Blair cut their Q1 2024 earnings estimates for Beacon Roofing Supply in a research note issued to investors on Wednesday, April 10th. William Blair analyst R. Merkel now expects that the company will post earnings of $0.33 per share for the quarter, down from their prior 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.

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

Several other equities analysts also recently commented on BECN. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. StockNews.com cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday. BMO Capital Markets boosted their target price 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. JPMorgan Chase & Co. reduced their target price on shares of 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. Finally, Stifel Nicolaus boosted their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a research report on Tuesday, December 19th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $97.86 on Thursday. Beacon Roofing Supply has a one year low of $56.94 and a one year high of $102.83. The company has a market cap of $6.21 billion, a P/E ratio of -208.21, a P/E/G ratio of 1.78 and a beta of 1.63. The firm’s fifty day moving average price is $90.26 and its two-hundred day moving average price is $83.66. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 1,805 shares of the company’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 value 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. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Benson Investment Management Company Inc. acquired a new stake in Beacon Roofing Supply during the 1st quarter valued at approximately $3,807,000. Los Angeles Capital Management LLC increased its position in Beacon Roofing Supply by 100.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 31,213 shares of the company’s stock valued at $3,059,000 after purchasing an additional 15,654 shares during the period. Quadrature Capital Ltd increased its position in Beacon Roofing Supply by 20.1% during the 4th quarter. Quadrature Capital Ltd now owns 52,012 shares of the company’s stock valued at $4,526,000 after purchasing an additional 8,697 shares during the period. PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 145.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after purchasing an additional 203 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Beacon Roofing Supply by 49.2% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 70,103 shares of the company’s stock valued at $6,100,000 after purchasing an additional 23,103 shares during the period. Institutional investors and hedge funds 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.