FY2024 EPS Estimate for Beacon Roofing Supply Cut by Analyst

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Investment analysts at William Blair lowered their FY2024 earnings per share (EPS) estimates for shares of 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 prior 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.

BECN has been the topic of a number of other research reports. StockNews.com lowered Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stephens reiterated an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average price target of $121.11.

Beacon Roofing Supply Stock Performance

BECN opened at $116.05 on Monday. The firm has a market capitalization of $7.18 billion, a P/E ratio of 19.84 and a beta of 1.61. The stock’s 50 day moving average price is $106.86 and its two-hundred day moving average price is $96.43. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $121.22.

Insider Buying and Selling

In other news, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock worth $1,578,146 in the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC grew its stake in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after purchasing an additional 963,633 shares during the period. State Street Corp lifted its holdings in Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after acquiring an additional 15,505 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Beacon Roofing Supply by 0.3% during the third quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock worth $85,887,000 after acquiring an additional 2,607 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Beacon Roofing Supply by 18.7% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock worth $83,239,000 after acquiring an additional 152,030 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after acquiring an additional 575,852 shares in the last quarter. 98.45% of the stock is 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.