William Blair Has Negative Outlook of BECN FY2024 Earnings

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Investment analysts at William Blair dropped their FY2024 earnings per share estimates for Beacon Roofing Supply in a report released on Friday, January 17th. William Blair analyst R. Merkel now expects that the company will post earnings of $7.17 per share for the year, down from their previous forecast 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.

Several other research firms have also recently weighed in on BECN. Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday. BMO Capital Markets boosted their price target on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Royal Bank of Canada boosted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Trading Up 1.2 %

Shares of BECN opened at $115.92 on Monday. The business’s 50-day moving average price is $106.65 and its 200 day moving average price is $96.23. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $7.17 billion, a P/E ratio of 19.82 and a beta of 1.61. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.22.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. FMR LLC increased its position 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 acquiring an additional 963,633 shares in the last quarter. State Street Corp boosted its position in Beacon Roofing Supply by 1.1% during the 3rd 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 during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Beacon Roofing Supply by 0.3% in the third quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock valued at $85,887,000 after purchasing an additional 2,607 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted 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 purchasing an additional 152,030 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Insider Transactions at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction 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 $6,984,071.58. The trade was a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the 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 transaction, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,274 shares of company stock worth $1,578,146. Insiders own 1.30% 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.