Research Analysts Offer Predictions for BECN FY2024 Earnings

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – William Blair reduced their FY2024 earnings per share estimates for Beacon Roofing Supply in a note issued to investors on Friday, January 17th. William Blair analyst R. Merkel now expects that the company will earn $7.17 per share for the year, down from their previous estimate of $7.22. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.23 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q4 2024 earnings at $1.66 EPS, Q4 2025 earnings at $1.88 EPS, FY2025 earnings at $8.08 EPS and FY2026 earnings at $9.35 EPS.

A number of other equities analysts have also commented on BECN. Robert W. Baird raised their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets upped their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Thursday. Stifel Nicolaus boosted their price target on Beacon Roofing Supply from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday. Finally, StockNews.com downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.11.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $115.92 on Monday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The firm has a market cap of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.22. The firm’s 50-day simple moving average is $106.65 and its 200 day simple moving average is $96.23.

Institutional Trading of Beacon Roofing Supply

Several institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its stake in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after acquiring an additional 575,852 shares during the last quarter. Citigroup Inc. boosted its holdings in Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after acquiring an additional 473,937 shares during the period. Driehaus Capital Management LLC purchased a new position in Beacon Roofing Supply in the 2nd quarter worth approximately $39,606,000. Finally, 140 Summer Partners LP bought a new stake in Beacon Roofing Supply in the third quarter valued at approximately $29,343,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insider Buying and Selling

In related news, insider Clement Munroe Best III sold 7,037 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the sale, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the sale, the insider now owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is owned by corporate insiders.

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.