Robert W. Baird Boosts Beacon Roofing Supply (NASDAQ:BECN) Price Target to $117.00

Beacon Roofing Supply (NASDAQ:BECN) had its price target boosted by Robert W. Baird from $115.00 to $117.00 in a research note released on Friday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other analysts have also recently commented on BECN. Loop Capital boosted their target price on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a buy rating in a research note on Monday, April 1st. William Blair raised Beacon Roofing Supply from a market perform rating to an outperform rating in a report on Monday, January 8th. Benchmark initiated coverage on Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a buy rating and a $135.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on 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, TheStreet raised shares of Beacon Roofing Supply from a c rating to a b- rating in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $104.33.

Beacon Roofing Supply Trading Down 1.7 %

BECN stock opened at $95.89 on Friday. Beacon Roofing Supply has a 52-week low of $57.01 and a 52-week high of $103.75. The company has a quick ratio of 1.06, a current ratio of 1.85 and a debt-to-equity ratio of 1.30. The firm has a market cap of $6.08 billion, a P/E ratio of -152.21 and a beta of 1.59. The company’s 50-day simple moving average is $93.77 and its 200-day simple moving average is $86.11.

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 analysts’ consensus estimates of $1.69 by ($0.22). The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.31%. The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the business earned $1.18 EPS. As a group, equities analysts forecast that Beacon Roofing Supply will post 7.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply 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 transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The transaction was disclosed in a filing with the SEC, which is available at this link. In other 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 completion of the sale, the insider now owns 10,531 shares in the company, valued at $1,000,445. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, 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. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its holdings in shares of Beacon Roofing Supply by 63.6% in the third quarter. Exchange Traded Concepts LLC now owns 836 shares of the company’s stock valued at $65,000 after purchasing an additional 325 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in Beacon Roofing Supply by 5.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,209 shares of the company’s stock valued at $325,000 after buying an additional 200 shares during the period. Xponance Inc. raised its position in Beacon Roofing Supply by 10.5% during the 3rd quarter. Xponance Inc. now owns 3,315 shares of the company’s stock worth $256,000 after buying an additional 314 shares during the last quarter. Raymond James & Associates raised its position in Beacon Roofing Supply by 76.2% during the 3rd quarter. Raymond James & Associates now owns 38,263 shares of the company’s stock worth $2,953,000 after buying an additional 16,552 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Beacon Roofing Supply by 5.7% in the third quarter. Bank of New York Mellon Corp now owns 253,366 shares of the company’s stock valued at $19,552,000 after acquiring an additional 13,678 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

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.