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

Beacon Roofing Supply (NASDAQ:BECN) had its target price raised by equities research analysts at BMO Capital Markets from $95.00 to $120.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price target suggests a potential upside of 23.53% from the stock’s current price.

A number of other research firms have also issued reports on BECN. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. StockNews.com downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday, April 8th. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Stifel Nicolaus increased their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. Finally, Loop Capital increased their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.00.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $97.14 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.85 and a debt-to-equity ratio of 1.30. Beacon Roofing Supply has a 12 month low of $56.94 and a 12 month high of $102.83. The company’s fifty day moving average is $90.52 and its 200-day moving average is $83.80. The firm has a market cap of $6.16 billion, a price-to-earnings ratio of -206.68, a price-to-earnings-growth ratio of 1.74 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly 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 26.95% and a net margin of 4.74%. The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the prior year, the firm earned $1.18 EPS. Beacon Roofing Supply’s quarterly revenue was up 16.8% on a year-over-year basis. Equities analysts expect that Beacon Roofing Supply will post 7.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the business’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 transaction, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares of the company’s stock, valued at $1,000,445. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Large investors have recently bought and sold shares of the company. Summit Trail Advisors LLC raised its holdings in Beacon Roofing Supply by 1.9% during the 4th quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock worth $570,000 after buying an additional 121 shares during the period. SummerHaven Investment Management LLC grew its holdings in shares of Beacon Roofing Supply by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after buying an additional 129 shares in the last quarter. West Tower Group LLC lifted its stake in Beacon Roofing Supply by 21.1% in the 4th quarter. West Tower Group LLC now owns 802 shares of the company’s stock valued at $70,000 after acquiring an additional 140 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Beacon Roofing Supply by 49.4% in the third quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock valued at $38,000 after purchasing an additional 161 shares during the last quarter. Finally, Laurel Wealth Advisors Inc. boosted its holdings in Beacon Roofing Supply by 2.9% during the fourth quarter. Laurel Wealth Advisors Inc. now owns 5,940 shares of the company’s stock worth $314,000 after purchasing an additional 166 shares during the last quarter. Institutional investors own 98.45% of the company’s stock.

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.