Beacon Roofing Supply (NASDAQ:BECN) Earns Buy Rating from Analysts at Benchmark

Benchmark started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $135.00 price target on the stock. Benchmark’s price target would suggest a potential upside of 44.88% from the company’s previous close.

Several other analysts have also weighed in on the company. William Blair raised Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a report on Monday, January 8th. StockNews.com raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. decreased their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. BMO Capital Markets increased their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Finally, TheStreet raised Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and an average target price of $102.92.

Beacon Roofing Supply Trading Down 1.5 %

Shares of BECN stock opened at $93.18 on Thursday. The business’s fifty day moving average price is $91.18 and its 200 day moving average price is $84.21. Beacon Roofing Supply has a 1-year low of $56.94 and a 1-year high of $102.83. The firm has a market capitalization of $5.91 billion, a PE ratio of -198.26 and a beta of 1.63. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.22). The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period last year, the company posted $1.18 EPS. As a group, sell-side analysts forecast that Beacon Roofing Supply will post 7.85 EPS for the current fiscal year.

Insider Activity

In other 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 value of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other 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 value of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 directly owns 176 shares in the company, valued at $16,521.12. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. acquired a new position in Beacon Roofing Supply during the 1st quarter worth approximately $218,000. Global Assets Advisory LLC acquired a new position in Beacon Roofing Supply during the 1st quarter worth approximately $1,051,000. Benson Investment Management Company Inc. acquired a new position in Beacon Roofing Supply during the 1st quarter worth approximately $3,807,000. Los Angeles Capital Management LLC lifted its position in Beacon Roofing Supply by 100.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 31,213 shares of the company’s stock worth $3,059,000 after acquiring an additional 15,654 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its position in Beacon Roofing Supply by 20.1% during the 4th quarter. Quadrature Capital Ltd now owns 52,012 shares of the company’s stock worth $4,526,000 after acquiring an additional 8,697 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

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.