Beacon Roofing Supply (NASDAQ:BECN) Price Target Increased to $117.00 by Analysts at Robert W. Baird

Beacon Roofing Supply (NASDAQ:BECN) had its price target increased by Robert W. Baird from $115.00 to $117.00 in a research report released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

BECN has been the subject of several other research reports. JPMorgan Chase & Co. dropped 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. William Blair raised Beacon Roofing Supply from a market perform rating to an outperform rating in a research note on Monday, January 8th. BMO Capital Markets lifted their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research report on Thursday, April 11th. StockNews.com upgraded Beacon Roofing Supply from a hold rating to a buy rating in a report on Tuesday, April 16th. Finally, TheStreet upgraded shares of Beacon Roofing Supply from a c rating to a b- rating in a report on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $104.33.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock traded down $1.63 on Friday, hitting $95.89. 1,320,369 shares of the company were exchanged, compared to its average volume of 604,855. Beacon Roofing Supply has a 1-year low of $57.01 and a 1-year high of $103.75. The company has a quick ratio of 1.06, a current ratio of 1.85 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -152.21 and a beta of 1.59. The company has a 50-day moving average price of $93.77 and a 200 day moving average price of $85.92.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.22). The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.31%. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.18 earnings per share. As a group, sell-side analysts predict that Beacon Roofing Supply will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related 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 completion of the transaction, the executive vice president now owns 176 shares in the company, valued at $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason L. Taylor sold 1,805 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of institutional investors and hedge funds have recently modified their holdings of BECN. Vanguard Group Inc. lifted its holdings in Beacon Roofing Supply by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock worth $434,118,000 after buying an additional 909,819 shares during the last quarter. Norges Bank purchased a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $59,850,000. Intrinsic Edge Capital Management LLC acquired a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $33,416,000. Acadian Asset Management LLC increased its stake in Beacon Roofing Supply by 4,518.3% in the third quarter. Acadian Asset Management LLC now owns 356,902 shares of the company’s stock valued at $27,527,000 after purchasing an additional 349,174 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its holdings in Beacon Roofing Supply by 17.3% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock worth $185,051,000 after purchasing an additional 314,102 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.