Beacon Roofing Supply (NASDAQ:BECN) Upgraded to “Buy” at 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.

Other equities analysts also recently issued research reports about the company. William Blair upgraded Beacon Roofing Supply from a market perform rating to an outperform rating in a report on Monday, January 8th. Stifel Nicolaus raised their price target on Beacon Roofing Supply from $115.00 to $119.00 and gave the company a buy rating in a report on Tuesday, December 19th. TheStreet upgraded Beacon Roofing Supply from a c rating to a b- rating in a report on Tuesday, February 27th. Loop Capital raised their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a report on Monday, April 1st. Finally, BMO Capital Markets raised their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Beacon Roofing Supply has an average rating of Moderate Buy and an average target price of $100.00.

Beacon Roofing Supply Stock Down 1.7 %

Shares of BECN opened at $94.63 on Tuesday. The firm has a market cap of $6.00 billion, a P/E ratio of -201.34 and a beta of 1.63. The stock has a 50 day simple moving average of $91.02 and a two-hundred day simple moving average of $84.14. 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 has a 1 year low of $56.94 and a 1 year high of $102.83.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the company posted $1.18 EPS. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. On average, analysts forecast that Beacon Roofing Supply will post 7.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction on Thursday, March 28th. The stock was 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 approximately $16,521.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the sale, the insider now directly owns 10,531 shares of the company’s stock, valued at $1,000,445. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $306,767.16. Following the completion of the sale, the executive vice president now directly owns 176 shares in the company, valued at $16,521.12. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust acquired a new stake in Beacon Roofing Supply in the second quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its position in Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after buying an additional 203 shares during the last quarter. Quarry LP lifted its holdings in Beacon Roofing Supply by 127.1% in the fourth quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after acquiring an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in Beacon Roofing Supply in the fourth quarter valued at $36,000. Finally, Exchange Traded Concepts LLC raised its stake in shares of Beacon Roofing Supply by 63.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 836 shares of the company’s stock worth $65,000 after buying an additional 325 shares during the last quarter. Hedge funds and other 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.