Beacon Roofing Supply (NASDAQ:BECN) Given New $95.00 Price Target at Truist Financial

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

Several other equities research analysts also recently commented on BECN. Robert W. Baird lifted their target price on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an outperform rating in a research report on Friday. StockNews.com upgraded shares of Beacon Roofing Supply from a hold rating to a buy rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. decreased their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating for the company in a report on Thursday, January 11th. TheStreet raised Beacon Roofing Supply from a c rating to a b- rating in a research report on Tuesday, February 27th. Finally, BMO Capital Markets upped their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of Moderate Buy and an average target price of $104.33.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $95.89 on Friday. The stock has a fifty day moving average of $93.77 and a 200-day moving average of $86.11. The stock has a market capitalization of $6.08 billion, a P/E ratio of -152.21 and a beta of 1.59. 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 has a 52 week low of $57.01 and a 52 week high of $103.75.

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 analysts’ consensus estimates 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 company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the previous year, the firm posted $1.18 EPS. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, sell-side analysts expect that Beacon Roofing Supply will post 7.78 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 value of $306,767.16. Following the completion of the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,000,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher Carl Nelson sold 3,268 shares of the company’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 sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at $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 hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $26,000. PNC Financial Services Group Inc. grew its stake in Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after purchasing an additional 203 shares during the period. Quarry LP grew its stake in Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at $36,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Beacon Roofing Supply by 49.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after purchasing an additional 161 shares during the period. Institutional investors 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.