Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) – William Blair dropped their Q3 2024 earnings estimates for shares of Beacon Roofing Supply in a report released on Monday, January 8th. William Blair analyst R. Merkel now anticipates that the company will post earnings of $2.99 per share for the quarter, down from their previous estimate of $3.06. William Blair has a “Outperform” rating on the stock. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.50 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q4 2024 earnings at $1.62 EPS.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $2.85 EPS for the quarter, beating analysts’ consensus estimates of $2.54 by $0.31. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.59 billion. Beacon Roofing Supply had a return on equity of 25.71% and a net margin of 4.67%.
Several other research analysts have also weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Beacon Roofing Supply from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $86.00 to $103.00 in a report on Thursday, December 14th. Stifel Nicolaus upped their price objective on Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Saturday, January 6th. Truist Financial decreased their target price on Beacon Roofing Supply from $95.00 to $80.00 and set a “hold” rating for the company in a report on Tuesday, October 17th. Finally, Royal Bank of Canada raised shares of Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $91.00 to $94.00 in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average price target of $93.18.
Get Our Latest Report on BECN
Beacon Roofing Supply Stock Down 3.2 %
Shares of NASDAQ:BECN opened at $84.99 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.05 and a debt-to-equity ratio of 1.43. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of -80.18, a PEG ratio of 1.20 and a beta of 1.63. The stock’s 50-day moving average price is $82.32 and its two-hundred day moving average price is $80.16. Beacon Roofing Supply has a 12-month low of $52.52 and a 12-month high of $89.39.
Insider Activity
In related news, insider Jason L. Taylor sold 1,806 shares of Beacon Roofing Supply stock in a transaction on 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 approximately $992,047.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.
Institutional Investors Weigh In On Beacon Roofing Supply
A number of hedge funds have recently bought and sold shares of BECN. Morgan Stanley boosted its stake in shares of Beacon Roofing Supply by 467.9% during the 4th quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock valued at $69,335,000 after buying an additional 1,082,141 shares during the last quarter. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after acquiring an additional 909,819 shares during the last quarter. Frontier Capital Management Co. LLC boosted its stake in Beacon Roofing Supply by 40.3% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,417,307 shares of the company’s stock valued at $200,588,000 after acquiring an additional 694,876 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Beacon Roofing Supply by 301.1% during the 1st quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock worth $49,969,000 after acquiring an additional 637,420 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Beacon Roofing Supply in the 4th quarter worth about $23,585,000.
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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 “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.
Get This Free Report
www.marketbeat.com
https://www.marketbeat.com/instant-alerts/nasdaq-becn-analyst-earnings-estimates-2024-01-11/
