William Blair Has Negative Outlook for BECN FY2024 Earnings

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – William Blair cut their FY2024 earnings per share estimates for Beacon Roofing Supply in a report issued 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 prior 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.

A number of other analysts have also commented on BECN. StockNews.com lowered Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Stifel Nicolaus upped their target price on Beacon Roofing Supply from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Finally, Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $121.11.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $116.05 on Monday. The firm has a market cap of $7.18 billion, a price-to-earnings ratio of 19.84 and a beta of 1.61. The stock’s 50-day moving average is $106.86 and its 200-day moving average is $96.43. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $121.22. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, the insider now 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. Insiders have sold 15,274 shares of company stock worth $1,578,146 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently modified their holdings of the business. US Bancorp DE boosted its holdings in shares of Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company’s stock valued at $454,000 after purchasing an additional 116 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in Beacon Roofing Supply by 2.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock worth $501,000 after buying an additional 147 shares during the period. Equitable Trust Co. lifted its holdings in Beacon Roofing Supply by 2.2% during the 3rd quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock worth $614,000 after buying an additional 156 shares during the period. HighTower Advisors LLC lifted its holdings in Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after buying an additional 181 shares during the period. Finally, Quarry LP lifted its holdings in Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Company Profile

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.