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

Benchmark reissued their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $140.00 price target on the stock.

Other equities analysts also recently issued research reports about the company. Stephens dropped their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Robert W. Baird increased their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Royal Bank of Canada dropped their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.00.

Beacon Roofing Supply Stock Up 1.4 %

Shares of BECN traded up $1.27 during trading hours on Friday, reaching $93.34. The company’s stock had a trading volume of 653,844 shares, compared to its average volume of 713,414. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 15.96 and a beta of 1.55. Beacon Roofing Supply has a 1-year low of $71.48 and a 1-year high of $105.42. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. The company has a 50 day moving average of $88.96 and a two-hundred day moving average of $92.20.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.08). The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.78 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. As a group, research analysts predict that Beacon Roofing Supply will post 7.37 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In related news, CFO Prithvi Gandhi purchased 5,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the transaction, the chief financial officer now owns 5,000 shares of the company’s stock, valued at $411,450. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at $821,790. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Beacon Roofing Supply in the first quarter valued at approximately $26,000. Blue Trust Inc. lifted its position in Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the period. PNC Financial Services Group Inc. lifted its position in Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares during the period. GAMMA Investing LLC lifted its position in Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during the period. Finally, Plato Investment Management Ltd lifted its position in Beacon Roofing Supply by 140.3% in the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after purchasing an additional 648 shares during the period. 98.45% of the stock is owned by 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.