Brokers Set Expectations for Beacon Roofing Supply, Inc.’s Q3 2024 Earnings (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Analysts at William Blair raised their Q3 2024 earnings estimates for Beacon Roofing Supply in a note issued to investors on Monday, July 15th. William Blair analyst R. Merkel now forecasts that the company will earn $2.96 per share for the quarter, up from their prior forecast of $2.94. The consensus estimate for Beacon Roofing Supply’s current full-year earnings is $7.79 per share. William Blair also issued estimates for Beacon Roofing Supply’s Q4 2024 earnings at $1.66 EPS and FY2024 earnings at $7.91 EPS.

Other equities analysts also recently issued reports about the stock. Truist Financial boosted their target price on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. BMO Capital Markets upped their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their price objective on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Finally, Benchmark began coverage on shares of Beacon Roofing Supply in a report on Thursday, April 18th. They set a “buy” rating and a $135.00 price objective on the stock. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $109.45.

Beacon Roofing Supply Stock Down 3.5 %

Shares of Beacon Roofing Supply stock opened at $98.84 on Thursday. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 1.47. The company has a 50-day simple moving average of $94.84 and a two-hundred day simple moving average of $91.75. Beacon Roofing Supply has a one year low of $68.50 and a one year high of $103.75.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.88 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds have recently bought and sold shares of the stock. Boston Partners boosted its position in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Plato Investment Management Ltd lifted its position in shares of Beacon Roofing Supply by 140.3% during the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after buying an additional 648 shares in the last quarter. Zimmer Partners LP purchased a new position in shares of Beacon Roofing Supply during the 1st quarter valued at approximately $35,777,000. Comerica Bank lifted its position in shares of Beacon Roofing Supply by 109.5% during the 1st quarter. Comerica Bank now owns 89,967 shares of the company’s stock valued at $8,818,000 after buying an additional 47,028 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Beacon Roofing Supply by 6.2% during the 1st quarter. California State Teachers Retirement System now owns 60,896 shares of the company’s stock valued at $5,969,000 after buying an additional 3,574 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the sale, the executive vice president now owns 320 shares in the company, valued at approximately $29,155.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.30% of the stock is owned by insiders.

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.