Beacon Roofing Supply (NASDAQ:BECN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a hold rating to a buy rating in a report released on Tuesday morning.

Several other brokerages have also recently commented on BECN. Robert W. Baird upgraded shares of Beacon Roofing Supply from a neutral rating to an outperform rating and raised their target price for the stock from $99.00 to $115.00 in a report on Thursday, February 29th. Loop Capital raised their price target on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a buy rating in a report on Monday, April 1st. William Blair upgraded shares of Beacon Roofing Supply from a market perform rating to an outperform rating in a report on Monday, January 8th. TheStreet upgraded shares of Beacon Roofing Supply from a c rating to a b- rating in a report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. decreased 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 report on Thursday, January 11th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply currently has an average rating of Moderate Buy and a consensus price target of $102.92.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $94.56 on Tuesday. Beacon Roofing Supply has a one year low of $56.94 and a one year high of $102.83. The company has a 50-day moving average of $91.47 and a two-hundred day moving average of $84.40. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of -201.19 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 announced its 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 return on equity of 26.95% and a net margin of 4.74%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. On average, equities research analysts expect that Beacon Roofing Supply will post 7.85 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’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 transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply 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 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 legal filing with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply 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 completion of the transaction, the insider now directly owns 10,531 shares in the company, valued at approximately $1,000,445. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $26,000. Parkside Financial Bank & Trust bought a new position in Beacon Roofing Supply during the second quarter worth $27,000. PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 145.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after acquiring an additional 203 shares during the period. Quarry LP increased its position in Beacon Roofing Supply by 127.1% during the fourth quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after acquiring an additional 225 shares during the period. Finally, Benjamin F. Edwards & Company Inc. bought a new position in Beacon Roofing Supply during the fourth quarter worth $36,000. Institutional investors 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.