Beacon Roofing Supply (NASDAQ:BECN) Posts Earnings Results, Misses Expectations By $0.80 EPS

Beacon Roofing Supply (NASDAQ:BECN) issued its earnings results on Thursday. The company reported $1.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.80), Briefing.com reports. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the business earned $2.66 EPS. Beacon Roofing Supply updated its FY 2024 guidance to EPS.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN traded down $4.53 during trading on Thursday, hitting $98.27. The company had a trading volume of 974,451 shares, compared to its average volume of 697,881. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of -155.98 and a beta of 1.58. The stock has a fifty day simple moving average of $95.51 and a two-hundred day simple moving average of $92.67. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47. Beacon Roofing Supply has a fifty-two week low of $68.50 and a fifty-two week high of $105.42.

Insider Buying and Selling

In other news, EVP Christopher Carl Nelson sold 2,955 shares of the firm’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 transaction, the executive vice president now owns 320 shares in the company, valued at $29,155.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on BECN. StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Truist Financial boosted their price target on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their price objective on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Benchmark started coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a “buy” rating and a $135.00 target price for the company. Finally, BMO Capital Markets raised their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and an average price target of $109.45.

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.