Beacon Roofing Supply (NASDAQ:BECN) Coverage Initiated by Analysts at Benchmark

Benchmark assumed coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report released on Thursday morning, MarketBeat.com reports. The firm issued a buy rating and a $135.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com upgraded Beacon Roofing Supply from a hold rating to a buy rating in a report on Tuesday. BMO Capital Markets lifted their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an outperform rating in a report on Thursday, April 11th. William Blair upgraded Beacon Roofing Supply from a market perform rating to an outperform rating in a report on Monday, January 8th. JPMorgan Chase & Co. lowered their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating on the stock in a report on Thursday, January 11th. Finally, TheStreet upgraded Beacon Roofing Supply from a c rating to a b- rating in a report on Tuesday, February 27th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of Moderate Buy and a consensus target price of $102.92.

Beacon Roofing Supply Stock Performance

NASDAQ BECN opened at $93.42 on Thursday. The stock has a 50-day simple moving average of $91.33 and a two-hundred day simple moving average of $84.27. The firm has a market capitalization of $5.93 billion, a P/E ratio of -198.77 and a beta of 1.63. Beacon Roofing Supply has a fifty-two week low of $56.94 and a fifty-two week 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.

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 analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business posted $1.18 EPS. The business’s quarterly revenue was up 16.8% on a year-over-year basis. On average, equities analysts forecast that Beacon Roofing Supply will post 7.85 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the company’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 owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, 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 completion of the sale, the executive vice president now owns 176 shares in the company, valued at $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction dated 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 owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings 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 purchasing an additional 539,785 shares in the last quarter. BlackRock Inc. raised its holdings in Beacon Roofing Supply by 3.6% during the second quarter. BlackRock Inc. now owns 3,645,889 shares of the company’s stock worth $302,536,000 after purchasing an additional 125,602 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in 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 worth $144,131,000 after purchasing an additional 106,890 shares in the last quarter. American Century Companies Inc. raised its holdings in 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 in the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in Beacon Roofing Supply by 17.3% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock worth $185,051,000 after purchasing an additional 314,102 shares in the last quarter. 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.