Beacon Roofing Supply (NASDAQ:BECN) Earns Buy Rating from Analysts at Benchmark

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

Other equities research analysts have also issued research reports about the company. Loop Capital upped their price objective on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a buy rating in a research report on Monday, April 1st. TheStreet upgraded Beacon Roofing Supply from a c rating to a b- rating in a research report on Tuesday, February 27th. William Blair upgraded Beacon Roofing Supply from a market perform rating to an outperform rating in a research report on Monday, January 8th. JPMorgan Chase & Co. lowered their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating on the stock in a research report on Thursday, January 11th. Finally, BMO Capital Markets upped their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an outperform rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $102.92.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN opened at $94.56 on Thursday. Beacon Roofing Supply has a twelve month low of $56.94 and a twelve month high of $102.83. The company’s 50 day moving average is $91.47 and its 200 day moving average is $84.40. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. The company has a market cap of $6.00 billion, a PE ratio of -201.19 and a beta of 1.63.

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

Insider Buying and Selling at Beacon Roofing Supply

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Summit Trail Advisors LLC raised its holdings in shares of Beacon Roofing Supply by 1.9% during the 4th quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock worth $570,000 after acquiring an additional 121 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Beacon Roofing Supply by 1.5% during the 4th quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after acquiring an additional 129 shares during the period. West Tower Group LLC raised its holdings in shares of Beacon Roofing Supply by 21.1% during the 4th quarter. West Tower Group LLC now owns 802 shares of the company’s stock worth $70,000 after acquiring an additional 140 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Beacon Roofing Supply by 49.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after acquiring an additional 161 shares during the period. Finally, Laurel Wealth Advisors Inc. raised its holdings in shares of Beacon Roofing Supply by 2.9% during the 4th quarter. Laurel Wealth Advisors Inc. now owns 5,940 shares of the company’s stock worth $314,000 after acquiring an additional 166 shares during the period. 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.