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

Beacon Roofing Supply (NASDAQ:BECN) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Several other brokerages have also commented on BECN. Stifel Nicolaus upped their price target on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, December 19th. Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $99.00 to $115.00 in a research report on Thursday, February 29th. William Blair raised shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. JPMorgan Chase & Co. dropped their price objective on shares of 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. Finally, BMO Capital Markets increased their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.00.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $93.18 on Tuesday. Beacon Roofing Supply has a 1 year low of $56.94 and a 1 year high of $102.83. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The company’s 50 day simple moving average is $91.18 and its 200 day simple moving average is $84.21. The company has a market capitalization of $5.91 billion, a price-to-earnings ratio of -198.26 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 EPS 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 company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period last year, the company posted $1.18 EPS. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, sell-side analysts predict that Beacon Roofing Supply will post 7.85 EPS for the current year.

Insider Activity at Beacon Roofing Supply

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

Institutional Trading of Beacon Roofing Supply

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Beacon Roofing Supply by 9.6% in the 4th quarter. Vanguard Group Inc. now owns 6,165,267 shares of the company’s stock valued at $536,502,000 after purchasing an additional 539,785 shares during the last quarter. BlackRock Inc. increased its stake in Beacon Roofing Supply by 3.6% during the 2nd quarter. BlackRock Inc. now owns 3,645,889 shares of the company’s stock valued at $302,536,000 after buying an additional 125,602 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Beacon Roofing Supply by 4.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,806,283 shares of the company’s stock valued at $144,131,000 after buying an additional 106,890 shares during the period. American Century Companies Inc. increased its stake in Beacon Roofing Supply by 9.3% during the 3rd quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock valued at $211,017,000 after buying an additional 233,393 shares during the period. Finally, Frontier Capital Management Co. LLC increased its stake in Beacon Roofing Supply by 17.3% during the 4th 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. 98.45% of the stock is currently owned by institutional investors.

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.