Beacon Roofing Supply (NASDAQ:BECN) Earns “Buy” Rating from Benchmark

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “buy” rating restated by investment analysts at Benchmark in a report issued on Friday, Benzinga reports. They currently have a $140.00 price target on the stock. Benchmark’s price objective would suggest a potential upside of 49.99% from the stock’s previous close.

Several other research firms have also recently commented on BECN. Stephens lowered their target price 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 lowered their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.00.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $93.34 on Friday. The firm has a fifty day moving average of $88.96 and a 200-day moving average of $92.20. The company has a market cap of $5.78 billion, a price-to-earnings ratio of 15.96 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. Beacon Roofing Supply has a 1 year low of $71.48 and a 1 year high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.08). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. As a group, equities analysts anticipate that Beacon Roofing Supply will post 7.37 earnings per share for the current year.

Insider Activity

In related news, insider Jason L. Taylor sold 2,600 shares of the business’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 sale, the insider now directly owns 9,131 shares in the company, valued at $821,790. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Prithvi Gandhi bought 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 in the company, valued at $821,790. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BECN. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply in the 1st quarter valued at approximately $26,000. Blue Trust Inc. raised its stake in Beacon Roofing Supply by 222.1% during the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares during the period. GAMMA Investing LLC grew its holdings in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after buying an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its position in Beacon Roofing Supply by 66.7% during the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after buying an additional 500 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.