Beacon Roofing Supply (NASDAQ:BECN) Price Target Raised to $95.00 at Truist Financial

Beacon Roofing Supply (NASDAQ:BECN) had its target price lifted by Truist Financial from $90.00 to $95.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts also recently weighed in on BECN. TheStreet upgraded Beacon Roofing Supply from a c rating to a b- rating in a research report on Tuesday, February 27th. Loop Capital increased their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a research note on Monday, April 1st. William Blair upgraded shares of Beacon Roofing Supply from a market perform rating to an outperform rating in a research report on Monday, January 8th. Benchmark began coverage on Beacon Roofing Supply in a research report on Thursday, April 18th. They issued a buy rating and a $135.00 price target on the stock. Finally, StockNews.com upgraded shares of Beacon Roofing Supply from a hold rating to a buy rating in a report on Tuesday, April 16th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of Moderate Buy and a consensus target price of $104.33.

Beacon Roofing Supply Stock Down 1.7 %

BECN stock traded down $1.63 during mid-day trading on Friday, reaching $95.89. The company had a trading volume of 1,320,369 shares, compared to its average volume of 604,855. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of -152.21 and a beta of 1.59. Beacon Roofing Supply has a 52 week low of $57.01 and a 52 week high of $103.75. The stock has a 50 day simple moving average of $93.77 and a two-hundred day simple moving average of $85.92. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data 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 26.31% and a net margin of 4.47%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the firm earned $1.18 earnings per share. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, equities analysts predict that Beacon Roofing Supply will post 7.8 earnings per share for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

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

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of BECN. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Beacon Roofing Supply by 4.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 662,657 shares of the company’s stock valued at $57,665,000 after acquiring an additional 27,185 shares in the last quarter. Deutsche Bank AG increased its position in shares of Beacon Roofing Supply by 25.2% during the third quarter. Deutsche Bank AG now owns 30,866 shares of the company’s stock valued at $2,382,000 after buying an additional 6,210 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Beacon Roofing Supply by 80.2% in the 3rd quarter. Teacher Retirement System of Texas now owns 26,584 shares of the company’s stock valued at $2,051,000 after purchasing an additional 11,828 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $6,442,000. Finally, Hsbc Holdings PLC boosted its stake in Beacon Roofing Supply by 145.5% during the third quarter. Hsbc Holdings PLC now owns 75,186 shares of the company’s stock worth $5,834,000 after acquiring an additional 44,564 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.