Beacon Roofing Supply (NASDAQ:BECN) Sets New 1-Year High on Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN) hit a new 52-week high 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 traded. The stock had previously closed at $97.52.

BECN has been the topic of a number of other reports. StockNews.com raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. Benchmark initiated coverage on Beacon Roofing Supply in a report on Thursday, April 18th. They issued a “buy” rating and a $135.00 target price on the stock. Robert W. Baird increased their price target on Beacon Roofing Supply from $115.00 to $117.00 and gave the company an “outperform” rating in a research report on Friday. Finally, BMO Capital Markets lifted their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.33.

Insider Buying and Selling at Beacon Roofing Supply

In other 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 in the company, valued at approximately $1,000,445. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at approximately $16,521.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the company’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 completion of the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds have recently made changes to their positions in BECN. Caprock Group LLC increased its stake in Beacon Roofing Supply by 1.3% during the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock valued at $860,000 after acquiring an additional 111 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in Beacon Roofing Supply by 28.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after buying an additional 116 shares during the period. Summit Trail Advisors LLC boosted its stake in Beacon Roofing Supply by 1.9% in the fourth quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock valued at $570,000 after buying an additional 121 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in Beacon Roofing Supply by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after purchasing an additional 129 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Beacon Roofing Supply by 49.4% during the third quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock valued at $38,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

The company has a market capitalization of $6.07 billion, a P/E ratio of -207.11 and a beta of 1.59. The company has a fifty day moving average price of $93.61 and a two-hundred day moving average price of $85.77. 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 (NASDAQ:BECN) last posted 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 company 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 26.95% and a net margin of 4.74%. The business’s revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.18 earnings per share. Equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.8 earnings per share for the current fiscal year.

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.