Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) - William Blair dropped their Q1 2024 EPS estimates for shares of Beacon Roofing Supply in a report released 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 forecast 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.
Other equities analysts have also recently issued research reports about the stock. Robert W. Baird raised shares of Beacon Roofing Supply from a "neutral" rating to an "outperform" rating and raised their target price for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. JPMorgan Chase & Co. cut their target price on 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. Stifel Nicolaus lifted their price target on Beacon Roofing Supply from $115.00 to $119.00 and gave the company a "buy" rating in a research report on Tuesday, December 19th. StockNews.com lowered Beacon Roofing Supply from a "buy" rating to a "hold" rating in a report on Monday. Finally, BMO Capital Markets boosted their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $100.00.
Check Out Our Latest Report on Beacon Roofing Supply
Beacon Roofing Supply Stock Performance
Shares of NASDAQ:BECN traded down $1.20 on Thursday, hitting $97.86. The company's stock had a trading volume of 495,475 shares, compared to its average volume of 729,078. Beacon Roofing Supply has a 12 month low of $56.94 and a 12 month high of $102.83. The stock's 50-day moving average is $90.26 and its two-hundred day moving average is $83.66. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of -208.21, a price-to-earnings-growth ratio of 1.78 and a beta of 1.63.
Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.69 by ($0.22). The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The business's quarterly revenue was up 16.8% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share.
Insider Buying and Selling at Beacon Roofing Supply
In related news, insider Jason L. Taylor sold 1,805 shares of the company's stock in a transaction 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 transaction, the insider now directly owns 10,531 shares of the company's stock, valued at $1,000,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply 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 sale, 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.
Hedge Funds Weigh In On Beacon Roofing Supply
Hedge funds have recently modified their holdings of the stock. Advisor Group Holdings Inc. grew its stake in Beacon Roofing Supply by 37.5% in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company's stock valued at $65,000 after purchasing an additional 300 shares in the last quarter. Raymond James & Associates grew its stake in shares of Beacon Roofing Supply by 11.6% in the 1st quarter. Raymond James & Associates now owns 13,449 shares of the company's stock valued at $797,000 after buying an additional 1,397 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Beacon Roofing Supply in the first quarter worth approximately $317,000. AlphaCrest Capital Management LLC raised its position in Beacon Roofing Supply by 4.0% during the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company's stock valued at $419,000 after acquiring an additional 273 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Beacon Roofing Supply by 27.0% during the first quarter. Bank of Montreal Can now owns 10,659 shares of the company's stock valued at $665,000 after acquiring an additional 2,267 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.
About Beacon Roofing Supply
(
Get Free Report)
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.
Further Reading
Before you consider Beacon Roofing Supply, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Beacon Roofing Supply wasn't on the list.
While Beacon Roofing Supply currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report
