Beacon Roofing Supply (NASDAQ:BECN) Hits New 52-Week High on Analyst Upgrade

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) hit a new 52-week high on Friday after Truist Financial raised their price target on the stock from $90.00 to $95.00. Truist Financial currently has a hold rating on the stock. Beacon Roofing Supply traded as high as $103.75 and last traded at $96.48, with a volume of 224208 shares traded. The stock had previously closed at $97.52.

BECN has been the topic of a number of other research reports. Robert W. Baird boosted their price target on Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday. William Blair raised shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. BMO Capital Markets raised their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Benchmark assumed coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 price objective for the company. Finally, StockNews.com raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.33.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply 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 transaction, the insider now owns 10,531 shares in the company, valued at approximately $1,000,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now owns 10,531 shares in the company, valued at approximately $1,000,445. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BECN. Daiwa Securities Group Inc. purchased a new position in shares of Beacon Roofing Supply in the 1st quarter valued at about $118,000. Iridian Asset Management LLC CT grew its holdings in Beacon Roofing Supply by 3.8% in the first quarter. Iridian Asset Management LLC CT now owns 58,618 shares of the company’s stock valued at $5,746,000 after purchasing an additional 2,132 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Beacon Roofing Supply in the first quarter valued at approximately $1,664,000. Caprock Group LLC raised its stake in shares of Beacon Roofing Supply by 1.3% during the 1st quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock worth $860,000 after buying an additional 111 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Beacon Roofing Supply during the 1st quarter valued at approximately $26,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Down 1.7 %

The stock has a market cap of $6.08 billion, a price-to-earnings ratio of -204.02 and a beta of 1.59. The business’s 50 day moving average is $93.77 and its 200-day moving average is $85.92. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the business earned $1.18 EPS. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. On average, sell-side analysts predict that Beacon Roofing Supply, Inc. will post 7.8 EPS for the current fiscal year.

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.