Beacon Roofing Supply (NASDAQ:BECN) Issues Earnings Results

Beacon Roofing Supply (NASDAQ:BECN) issued its earnings results on Wednesday. The company reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.08), reports. Beacon Roofing Supply had a return on equity of 25.64% and a net margin of 3.86%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion.

Beacon Roofing Supply Stock Performance

BECN stock opened at $93.34 on Friday. The company has a 50-day simple moving average of $88.91 and a 200 day simple moving average of $92.22. The company has a market capitalization of $5.78 billion, a P/E ratio of 15.96 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 has a fifty-two week low of $71.48 and a fifty-two week high of $105.42.

Insider Buying and Selling at Beacon Roofing Supply

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

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in shares of Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Beacon Roofing Supply in the first quarter valued at $218,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Beacon Roofing Supply during the 1st quarter valued at $26,000. Principal Financial Group Inc. boosted its stake in shares of Beacon Roofing Supply by 549.8% during the 1st quarter. Principal Financial Group Inc. now owns 46,932 shares of the company’s stock worth $4,600,000 after acquiring an additional 39,710 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Beacon Roofing Supply in the 1st quarter worth $1,664,000. 98.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BECN has been the topic of several research reports. Benchmark reiterated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday. Stephens dropped their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Royal Bank of Canada raised their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.00.

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.