Beacon Roofing Supply (NASDAQ:BECN) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

A number of other equities research analysts also recently weighed in on the stock. William Blair raised shares of Beacon Roofing Supply from a market perform rating to an outperform rating in a research note on Monday, January 8th. Benchmark initiated coverage on shares of Beacon Roofing Supply in a research report on Thursday, April 18th. They issued a buy rating and a $135.00 target price for the company. Robert W. Baird increased their target price on Beacon Roofing Supply from $115.00 to $117.00 and gave the company an outperform rating in a research note on Friday, May 3rd. Loop Capital lifted their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a buy rating in a research note on Monday, April 1st. Finally, BMO Capital Markets increased their price objective 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. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has a consensus rating of Moderate Buy and a consensus target price of $107.64.

Beacon Roofing Supply Trading Up 1.2 %

Shares of Beacon Roofing Supply stock opened at $93.38 on Monday. The stock has a market capitalization of $5.94 billion, a P/E ratio of -148.22 and a beta of 1.59. Beacon Roofing Supply has a 52-week low of $57.88 and a 52-week high of $103.75. 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 stock’s 50-day simple moving average is $94.31 and its 200 day simple moving average is $86.53.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly 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). Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.31%. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the firm earned $1.18 EPS. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. As a group, research analysts anticipate that Beacon Roofing Supply will post 7.78 EPS for the current year.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction 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 completion of the sale, the executive vice president now owns 176 shares of the company’s stock, valued at approximately $16,521.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in Beacon Roofing Supply in the first quarter worth about $26,000. PNC Financial Services Group Inc. boosted its position in shares of Beacon Roofing Supply by 145.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after purchasing an additional 203 shares in the last quarter. Quarry LP grew its stake in Beacon Roofing Supply by 127.1% in the fourth quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. bought a new position in Beacon Roofing Supply in the fourth quarter worth $36,000. Finally, Parkside Financial Bank & Trust raised its holdings in Beacon Roofing Supply by 49.4% in the third quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after purchasing an additional 161 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other 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.