Q2 2024 Earnings Estimate for Beacon Roofing Supply, Inc. Issued By Zacks Research (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities researchers at Zacks Research raised their Q2 2024 earnings estimates for Beacon Roofing Supply in a report issued on Thursday, May 16th. Zacks Research analyst S. Mukherjee now forecasts that the company will earn $2.83 per share for the quarter, up from their previous estimate of $2.72. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.80 per share. Zacks Research also issued estimates for Beacon Roofing Supply’s FY2024 earnings at $7.63 EPS, Q1 2025 earnings at $0.59 EPS, Q3 2025 earnings at $2.75 EPS, FY2025 earnings at $8.25 EPS and Q1 2026 earnings at $0.71 EPS.

A number of other equities analysts also recently weighed in on the stock. Truist Financial lifted their target price on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Benchmark initiated coverage on shares of Beacon Roofing Supply in a research report on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective for the company. StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Finally, BMO Capital Markets raised their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average price target of $107.64.

Beacon Roofing Supply Trading Down 0.0 %

BECN opened at $96.09 on Monday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.87 and a quick ratio of 1.02. Beacon Roofing Supply has a fifty-two week low of $63.10 and a fifty-two week high of $103.75. The company’s 50 day moving average price is $95.48 and its two-hundred day moving average price is $87.82. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -152.52 and a beta of 1.59.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.22). The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. Beacon Roofing Supply’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.18 earnings per share.

Insiders Place Their Bets

In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction 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 directly owns 176 shares in the company, valued at $16,521.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now 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 SEC, which is accessible through this hyperlink. Also, 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 value of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares of the company’s stock, valued at approximately $16,521.12. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Beacon Roofing Supply by 19.3% in the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock worth $434,118,000 after acquiring an additional 909,819 shares in the last quarter. Norges Bank bought a new stake in Beacon Roofing Supply during the fourth quarter worth about $59,850,000. Intrinsic Edge Capital Management LLC purchased a new position in shares of Beacon Roofing Supply in the 4th quarter worth about $33,416,000. Jupiter Asset Management Ltd. increased its position in shares of Beacon Roofing Supply by 1,293.8% during the 1st quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock valued at $39,150,000 after purchasing an additional 370,756 shares during the last quarter. Finally, Zimmer Partners LP purchased a new position in shares of Beacon Roofing Supply during the 1st quarter valued at about $35,777,000. 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.