Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $111.30.

A number of equities analysts recently issued reports on the company. Robert W. Baird reduced their target price on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada dropped their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stephens reduced their price target 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.

Insider Buying and Selling

In other news, EVP Christopher Carl Nelson sold 1,627 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the sale, the executive vice president now directly owns 320 shares in the company, valued at approximately $27,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now owns 320 shares in the company, valued at approximately $27,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Prithvi Gandhi purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Beacon Roofing Supply by 14.1% during the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after acquiring an additional 872,216 shares during the last quarter. Norges Bank acquired a new position in Beacon Roofing Supply in the 4th quarter valued at $59,850,000. Boston Partners lifted its holdings in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in Beacon Roofing Supply in the 2nd quarter valued at $39,606,000. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in Beacon Roofing Supply during the 4th quarter worth $33,416,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $87.72 on Tuesday. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of -139.24 and a beta of 1.55. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. The stock’s 50-day simple moving average is $87.97 and its 200-day simple moving average is $92.75. Beacon Roofing Supply has a fifty-two week low of $68.50 and a fifty-two week high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results 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). The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.66 EPS. As a group, equities analysts forecast that Beacon Roofing Supply will post 7.39 earnings per share for the current fiscal year.

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.