Beacon Roofing Supply (NASDAQ:BECN) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a hold rating to a buy rating in a research report report published on Tuesday.

BECN has been the subject of a number of other research reports. Robert W. Baird upgraded shares of Beacon Roofing Supply from a neutral rating to an outperform rating and lifted their target price for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. JPMorgan Chase & Co. cut their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating for the company in a research report on Thursday, January 11th. Loop Capital increased their target price on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a buy rating in a report on Monday, April 1st. BMO Capital Markets lifted their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a report on Thursday, April 11th. Finally, TheStreet raised shares of Beacon Roofing Supply from a c rating to a b- rating in a report on Tuesday, February 27th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $102.92.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ:BECN opened at $93.42 on Tuesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The business’s fifty day moving average price is $91.33 and its two-hundred day moving average price is $84.27. Beacon Roofing Supply has a fifty-two week low of $56.94 and a fifty-two week high of $102.83. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of -198.77 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the previous year, the company posted $1.18 EPS. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, analysts predict that Beacon Roofing Supply will post 7.85 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at $1,000,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now directly owns 176 shares in the company, valued at $16,521.12. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Beacon Roofing Supply by 9.6% during the fourth quarter. Vanguard Group Inc. now owns 6,165,267 shares of the company’s stock worth $536,502,000 after acquiring an additional 539,785 shares in the last quarter. BlackRock Inc. raised its position in Beacon Roofing Supply by 3.6% in the second quarter. BlackRock Inc. now owns 3,645,889 shares of the company’s stock valued at $302,536,000 after purchasing an additional 125,602 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Beacon Roofing Supply by 4.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,806,283 shares of the company’s stock valued at $144,131,000 after purchasing an additional 106,890 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Beacon Roofing Supply by 9.3% during the third quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock worth $211,017,000 after purchasing an additional 233,393 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Beacon Roofing Supply by 17.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock valued at $185,051,000 after buying an additional 314,102 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.