Beacon Roofing Supply (NASDAQ:BECN) Hits New 52-Week High Following Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock price reached a new 52-week high during mid-day trading on Friday after Truist Financial raised their price target on the stock from $90.00 to $95.00. Truist Financial currently has a hold rating on the stock. Beacon Roofing Supply traded as high as $103.75 and last traded at $96.48, with a volume of 224208 shares changing hands. The stock had previously closed at $97.52.

A number of other research firms have also recently issued reports on BECN. Benchmark started coverage on Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 target price for the company. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a report on Monday, January 8th. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. Finally, StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $104.33.

Insider Buying and Selling

In other 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 of the company’s stock, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Beacon Roofing Supply news, 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 $1,000,445. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 of the company’s stock, 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

A number of institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in Beacon Roofing Supply during the 1st quarter valued at $26,000. PNC Financial Services Group Inc. raised its position in shares of Beacon Roofing Supply by 145.0% in 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 during the period. Quarry LP raised its position in shares of 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 purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Beacon Roofing Supply during the 4th quarter worth about $36,000. Finally, Parkside Financial Bank & Trust boosted 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 buying an additional 161 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Performance

The firm has a market cap of $6.08 billion, a price-to-earnings ratio of -152.21 and a beta of 1.59. 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 stock’s 50 day moving average is $93.77 and its 200 day moving average is $86.01.

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

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.