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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has been given an average recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $102.92.

A number of equities analysts have recently issued reports on BECN shares. Robert W. Baird upgraded shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. StockNews.com upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. BMO Capital Markets increased their target price on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. dropped their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating for the company in a research report on Thursday, January 11th. Finally, Benchmark initiated coverage on shares of Beacon Roofing Supply in a research report on Thursday, April 18th. They set a “buy” rating and a $135.00 target price for the company.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the sale, the insider now owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now owns 176 shares of the company’s stock, valued at approximately $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the transaction, the insider now directly owns 10,531 shares in the company, valued at approximately $1,000,445. 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 have recently modified their holdings of the business. New York State Teachers Retirement System boosted its stake in Beacon Roofing Supply by 10.3% during the 1st quarter. New York State Teachers Retirement System now owns 5,727 shares of the company’s stock worth $561,000 after acquiring an additional 537 shares during the last quarter. WCM Investment Management LLC boosted its stake in Beacon Roofing Supply by 52.6% during the 1st quarter. WCM Investment Management LLC now owns 514,685 shares of the company’s stock worth $50,449,000 after acquiring an additional 177,479 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Beacon Roofing Supply by 637.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 212,532 shares of the company’s stock worth $20,832,000 after acquiring an additional 183,708 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Beacon Roofing Supply by 41.0% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 15,424 shares of the company’s stock worth $1,512,000 after acquiring an additional 4,482 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Beacon Roofing Supply during the 1st quarter worth approximately $26,000. Institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Trading Up 1.5 %

Shares of BECN stock opened at $99.00 on Friday. Beacon Roofing Supply has a 52-week low of $57.01 and a 52-week high of $102.83. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of -210.64 and a beta of 1.63. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The firm has a fifty day moving average of $92.31 and a 200-day moving average of $85.00.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the company posted $1.18 EPS. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, equities research analysts forecast that Beacon Roofing Supply will post 7.8 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.