Beacon Roofing Supply (NASDAQ:BECN) Price Target Raised to $95.00 at Truist Financial

Beacon Roofing Supply (NASDAQ:BECN) had its price objective raised by stock analysts at Truist Financial from $90.00 to $95.00 in a report released on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential downside of 0.93% from the company’s previous close.

Several other research firms have also weighed in on BECN. Benchmark began coverage on Beacon Roofing Supply in a report on Thursday, April 18th. They set a “buy” rating and a $135.00 target price on the stock. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. Robert W. Baird boosted their price target on Beacon Roofing Supply from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Friday. Finally, BMO Capital Markets boosted their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.33.

Beacon Roofing Supply Stock Down 1.7 %

Shares of NASDAQ:BECN opened at $95.89 on Friday. The company has a 50 day moving average price of $93.77 and a two-hundred day moving average price of $86.01. The company has a market capitalization of $6.08 billion, a PE ratio of -152.21 and a beta of 1.59. Beacon Roofing Supply has a 52 week low of $57.01 and a 52 week high of $103.75. 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 issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.22). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.31% and a net margin of 4.47%. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.18 EPS. Analysts forecast that Beacon Roofing Supply will post 7.8 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vaughan Nelson Investment Management L.P. lifted its holdings in Beacon Roofing Supply by 4.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 662,657 shares of the company’s stock valued at $57,665,000 after purchasing an additional 27,185 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Beacon Roofing Supply by 25.2% during the 3rd quarter. Deutsche Bank AG now owns 30,866 shares of the company’s stock worth $2,382,000 after buying an additional 6,210 shares during the period. Teacher Retirement System of Texas grew its stake in Beacon Roofing Supply by 80.2% in the 3rd quarter. Teacher Retirement System of Texas now owns 26,584 shares of the company’s stock valued at $2,051,000 after buying an additional 11,828 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Beacon Roofing Supply in the 3rd quarter valued at about $6,442,000. Finally, Hsbc Holdings PLC lifted its position in Beacon Roofing Supply by 145.5% during the third quarter. Hsbc Holdings PLC now owns 75,186 shares of the company’s stock worth $5,834,000 after acquiring an additional 44,564 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

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.