William Blair Issues Pessimistic Outlook for BECN Earnings

Beacon Roofing Supply, Inc. (NASDAQ:BECN) – Equities researchers at William Blair cut their FY2024 earnings per share (EPS) estimates for Beacon Roofing Supply in a report issued on Friday, January 17th. William Blair analyst R. Merkel now forecasts 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.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Royal Bank of Canada upped their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stephens reiterated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.11.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $115.92 on Monday. The company has a fifty day simple moving average of $106.86 and a 200-day simple moving average of $96.43. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $121.22.

Insider Activity

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the sale, the insider now owns 6,531 shares of the company’s stock, valued at approximately $718,410. This represents a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,274 shares of company stock valued at $1,578,146. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Several hedge funds have recently modified their holdings of the stock. FMR LLC increased its position in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after purchasing an additional 963,633 shares during the last quarter. State Street Corp lifted its stake in Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after purchasing an additional 15,505 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in 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 in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after purchasing an additional 152,030 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after purchasing an additional 575,852 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.