Beacon Roofing Supply (NASDAQ:BECN) Price Target Raised to $120.00

Beacon Roofing Supply (NASDAQ:BECN) had its target price raised by equities researchers at Robert W. Baird from $115.00 to $120.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would suggest a potential upside of 25.47% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Stephens cut their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Royal Bank of Canada lowered their price objective on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $114.33.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $95.64 on Wednesday. The business has a 50-day simple moving average of $87.11 and a 200 day simple moving average of $92.62. Beacon Roofing Supply has a 52 week low of $68.50 and a 52 week high of $105.42. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of -150.73 and a beta of 1.55. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter last year, the company posted $2.66 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, research analysts forecast that Beacon Roofing Supply will post 7.37 earnings per share for the current fiscal year.

Insider Activity

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now owns 9,131 shares in the company, valued at approximately $821,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Prithvi Gandhi purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $411,450. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Caprock Group LLC boosted its holdings in Beacon Roofing Supply by 1.3% in the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock worth $860,000 after purchasing an additional 111 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Beacon Roofing Supply by 28.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock worth $52,000 after purchasing an additional 116 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Beacon Roofing Supply by 2.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after purchasing an additional 147 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in shares of Beacon Roofing Supply by 1.8% in the second quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock worth $803,000 after buying an additional 156 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Beacon Roofing Supply by 1.5% during the first quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock valued at $1,027,000 after purchasing an additional 157 shares during the period. 98.45% of the stock is owned by institutional investors.

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.