Zacks Research Brokers Lower Earnings Estimates for Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Analysts at Zacks Research dropped their Q1 2024 EPS estimates for Beacon Roofing Supply in a research report issued to clients and investors on Thursday, March 28th. Zacks Research analyst S. Mukherjee now forecasts that the company will post earnings per share of $0.38 for the quarter, down from their prior estimate of $0.42. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.87 per share. Zacks Research also issued estimates for Beacon Roofing Supply’s Q3 2024 earnings at $2.63 EPS, Q2 2025 earnings at $2.69 EPS and Q3 2025 earnings at $2.33 EPS.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The firm had revenue of $2.30 billion for 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 company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.18 earnings per share.

BECN has been the topic of a number of other reports. Stifel Nicolaus raised their price objective on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and upped their target price for the company from $99.00 to $115.00 in a report on Thursday, February 29th. StockNews.com upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Wednesday, February 28th. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Finally, William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.45.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $98.02 on Friday. Beacon Roofing Supply has a twelve month low of $54.60 and a twelve month high of $99.11. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The company’s fifty day moving average is $87.14 and its 200-day moving average is $82.07.

Insider Buying and Selling

In related news, insider Jason L. Taylor sold 1,805 shares of the 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 owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently added to or reduced their stakes in BECN. Parkside Financial Bank & Trust bought a new position in Beacon Roofing Supply in the 2nd quarter valued at approximately $27,000. PNC Financial Services Group Inc. lifted its stake in Beacon Roofing Supply by 145.0% in 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 last quarter. Quarry LP lifted its stake in Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after purchasing an additional 225 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Beacon Roofing Supply in the 4th quarter valued at approximately $36,000. Finally, Advisor Group Holdings Inc. lifted its stake in Beacon Roofing Supply by 37.5% in the 1st 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 during the last quarter. 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.