Beacon Roofing Supply, Inc. (NASDAQ:BECN) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $114.33.

Several analysts have issued reports on the company. Royal Bank of Canada lowered their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird boosted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Stephens lowered their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $93.36 on Friday. The business’s fifty day simple moving average is $88.32 and its 200 day simple moving average is $92.35. The firm has a market capitalization of $5.94 billion, a P/E ratio of -148.19 and a beta of 1.55. Beacon Roofing Supply has a 12 month low of $68.50 and a 12 month high of $105.42. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.66 earnings per share. As a group, analysts anticipate that Beacon Roofing Supply will post 7.37 EPS for the current year.

Insider Activity

In other news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the transaction, the executive vice president now directly owns 320 shares in the company, valued at approximately $27,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the transaction, the executive vice president now directly owns 320 shares in the company, valued at $27,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now owns 9,131 shares in the company, 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. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors have recently modified their holdings of BECN. Vanguard Group Inc. increased its position in shares of Beacon Roofing Supply by 14.1% during the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after purchasing an additional 872,216 shares during the last quarter. Boston Partners increased its position in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at about $39,606,000. Jupiter Asset Management Ltd. increased its position in shares of Beacon Roofing Supply by 1,293.8% during the 1st quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock valued at $39,150,000 after purchasing an additional 370,756 shares during the last quarter. Finally, Zimmer Partners LP bought a new position in shares of Beacon Roofing Supply during the 1st quarter valued at about $35,777,000. 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.