Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) – Research analysts at William Blair raised their Q2 2024 earnings estimates for shares of Beacon Roofing Supply in a research note issued on Tuesday, February 27th. William Blair analyst R. Merkel now forecasts that the company will post earnings per share of $3.08 for the quarter, up from their prior forecast of $3.07. William Blair has a “Outperform” rating on the stock. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.95 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q3 2024 earnings at $3.08 EPS and Q4 2024 earnings at $1.76 EPS.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last issued its earnings results on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.70% and a net margin of 4.74%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business earned $1.18 EPS. Beacon Roofing Supply’s revenue for the quarter was up 16.8% compared to the same quarter last year.
BECN has been the topic of a number of other research reports. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday. Stifel Nicolaus boosted their price objective on shares of 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 upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. Finally, Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $99.00 to $115.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.45.
View Our Latest Stock Analysis on Beacon Roofing Supply
Beacon Roofing Supply Price Performance
BECN stock opened at $85.89 on Thursday. The firm’s 50-day moving average price is $85.71 and its two-hundred day moving average price is $80.55. Beacon Roofing Supply has a 12-month low of $54.60 and a 12-month high of $90.62. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -182.74, a PEG ratio of 1.55 and a beta of 1.62. The company has a current ratio of 1.73, a quick ratio of 1.05 and a debt-to-equity ratio of 1.43.
Institutional Investors Weigh In On Beacon Roofing Supply
Hedge funds have recently bought and sold shares of the business. Morgan Stanley lifted its stake in shares of Beacon Roofing Supply by 467.9% in the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock worth $69,335,000 after buying an additional 1,082,141 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 909,819 shares in the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of Beacon Roofing Supply by 40.3% in the second quarter. Frontier Capital Management Co. LLC now owns 2,417,307 shares of the company’s stock worth $200,588,000 after buying an additional 694,876 shares in the last quarter. Norges Bank bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth approximately $59,850,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Beacon Roofing Supply by 301.1% in the first quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock worth $49,969,000 after buying an additional 637,420 shares in the last quarter.
Insider Buying and Selling
In related news, insider Jason L. Taylor sold 1,806 shares of the business’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $88.75, for a total transaction of $160,282.50. Following the sale, the insider now owns 11,178 shares of the company’s stock, valued at $992,047.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.
About Beacon Roofing Supply
(Get Free Report)
Beacon Roofing Supply, Inc, together with its subsidiaries, engages in 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. It 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.
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