Beacon Roofing Supply (NASDAQ:BECN) Research Coverage Started at Benchmark

Benchmark started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report report published on Thursday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $135.00 price target on the stock.

Other research analysts have also issued reports about the stock. Robert W. Baird raised shares of Beacon Roofing Supply from a neutral rating to an outperform rating and boosted their target price for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. StockNews.com raised shares of Beacon Roofing Supply from a hold rating to a buy rating in a research note on Tuesday. Loop Capital boosted their target price on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a research note on Monday, April 1st. JPMorgan Chase & Co. reduced their price target on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating for the company in a research note 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $102.92.

Beacon Roofing Supply Price Performance

BECN opened at $93.42 on Thursday. Beacon Roofing Supply has a 1-year low of $56.94 and a 1-year high of $102.83. The company has a 50-day moving average of $91.33 and a 200-day moving average of $84.27. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The company has a market capitalization of $5.93 billion, a P/E ratio of -198.77 and a beta of 1.63.

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

Insider Buying and Selling

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the sale, the insider now owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher Carl Nelson sold 3,268 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now 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 Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Beacon Roofing Supply during the first quarter valued at approximately $26,000. Vaughan Nelson Investment Management L.P. increased its stake in Beacon Roofing Supply by 15.0% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 762,007 shares of the company’s stock valued at $74,691,000 after buying an additional 99,350 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Beacon Roofing Supply in the 1st quarter valued at approximately $218,000. Global Assets Advisory LLC acquired a new position in Beacon Roofing Supply in the 1st quarter valued at approximately $1,051,000. Finally, Benson Investment Management Company Inc. acquired a new position in Beacon Roofing Supply in the 1st quarter valued at approximately $3,807,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.