Beacon Roofing Supply (NASDAQ:BECN) Given “Market Perform” Rating at BMO Capital Markets

BMO Capital Markets reissued their market perform rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note released on Thursday, Marketbeat reports. The firm currently has a $124.35 price objective on the stock, down from their previous price objective of $130.00.

A number of other brokerages have also weighed in on BECN. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their target price for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Loop Capital reiterated a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Robert W. Baird lifted their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $124.00 to $124.35 in a research note on Wednesday, April 2nd. Finally, Raymond James cut shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $121.47.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $123.85 on Thursday. The company has a market cap of $7.65 billion, a P/E ratio of 21.17 and a beta of 1.31. The firm’s fifty day moving average price is $120.11 and its two-hundred day moving average price is $110.39. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $123.90. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Equities analysts expect that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Insider Activity

In other news, insider Jonathan Stuart Bennett sold 8,487 shares of Beacon Roofing Supply stock in a transaction on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares in the company, valued at approximately $2,765,493.88. This trade represents a 27.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 29,724 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $123.05, for a total value of $3,657,538.20. Following the transaction, the insider now directly owns 87,943 shares of the company’s stock, valued at $10,821,386.15. This trade represents a 25.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,806 shares of company stock worth $6,745,448. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds have recently made changes to their positions in BECN. SBI Securities Co. Ltd. acquired a new position in Beacon Roofing Supply during the 4th quarter worth approximately $31,000. Versant Capital Management Inc grew its stake in shares of Beacon Roofing Supply by 133.7% during the first quarter. Versant Capital Management Inc now owns 388 shares of the company’s stock worth $48,000 after buying an additional 222 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth $54,000. PNC Financial Services Group Inc. lifted its stake in shares of Beacon Roofing Supply by 38.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after acquiring an additional 163 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after acquiring an additional 150 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.