Beacon Roofing Supply (NASDAQ:BECN – Rating Received) Analysts at BMO Capital Markets raised their target price to $90.00 from $75.00 in a research note issued to investors on Friday, The Fly reports. BMO Capital Markets’ price target would indicate a potential upside of 13.26% from the company’s current price.
A number of other research analysts also recently commented on the stock. Robert W. Baird raised his target price on Beacon Roofing Supply shares to $76.00 from $65.00, giving the company a neutral rating in a research report on Monday, February 27. Loop Capital raised its price target on shares of Beacon Roofing Supply to $84.00 from $76.00 in a research report on Friday, June 9. TheStreet downgraded shares of Beacon Roofing Supply from a “B” rating to a “C” rating in a research report on Friday, May 5th. Stephens lowered its price target on Beacon Roofing Supply shares from $70.00 to $68.00 in a research report on Monday, May 8. Finally, on Thursday, May 18, StockNews.com began reporting shares of Beacon Roofing Supply in a report. They gave the stock a “hold” rating. One equities research analyst has assigned a sell rating to the stock, six have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $73.78.
Beacon Roofing Supply Trading up 2.9%
Shares of BECN opened at $79.46 on Friday. The company’s 50-day moving average is $63.67 and its 200-day moving average is $59.79. Beacon Roofing Supply has a 52-week low of $45.71 and a 52-week high of $79.70. The stock has a market cap of $5.07 billion, a P/E of 15.28, and a beta of 1.58. The company has a debt to equity ratio of 1.00, a short term ratio of 1.09 and a current ratio of 2.07.
Beacon Roofing Supply (NASDAQ:BECN – get rating) last announced its quarterly results on Thursday, May 4th. The company reported earnings per share of $0.67 for the quarter, beating the consensus estimate of $0.61 by $0.06. Beacon Roofing Supply had a net margin of 5.01% and a return on equity of 27.52%. The company made $1.73 billion in revenue for the quarter, compared to analysts’ expectations of $1.78 billion. Sell-side analysts expect Beacon Roofing Supply to report earnings per share of 6.43 for the current fiscal year.
Insider buying and selling
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix bought 99,880 shares of Beacon Roofing Supply in a transaction on Friday, April 28. The stock was acquired at an average price of $60.07 per share for a total transaction of $5,999,791.60. Following the acquisition, the insider now owns 15,171,964 shares of the company’s stock valued at approximately $911,379,877.48. The purchase was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, insider Clement Munroe Best III sold 1,500 shares of the company’s stock in a transaction on Friday, May 12. The stock sold at an average price of $61.00 for a total transaction of $91,500.00. Following the sale, the insider now owns 58,183 shares of the company’s stock, valued at $3,549,163. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, major shareholder Cd&R Investment Associates Ix bought 99,880 shares of the company in a transaction on Friday, April 28. The stock was purchased at an average price of $60.07 per share for a total transaction of $5,999,791.60. Following the purchase, the insider now directly owns 15,171,964 shares of the company’s stock, valued at $911,379,877.48. The disclosure for this purchase can be found here. Insiders sold a total of 21,910 shares of the company worth $1,558,209 over the past three months. 0.95% of the shares are owned by company insiders.
Institutional inflows and outflows
A number of institutional investors and hedge funds recently changed their holdings in the company. American Century Companies Inc. increased its stake in Beacon Roofing Supply by 53.5% in the fourth quarter. American Century Companies Inc. now owns 3,645,264 shares of the company’s stock valued at $192,433,000 after purchasing an additional 1,270,771 shares last quarter. Morgan Stanley increased its position in Beacon Roofing Supply by 467.9% during the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock valued at $69,335,000 after purchasing an additional 1,082,141 shares last quarter. Premier Fund Managers Ltd acquired a new interest in Beacon Roofing Supply in the fourth quarter for approximately $52,577,000. JPMorgan Chase & Co. increased its stake in Beacon Roofing Supply by 301.1% in the first quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock, valued at $49,969,000, after purchasing an additional 637,420 shares last quarter. Finally, in the fourth quarter, Norges Bank acquired a new stake in Beacon Roofing Supply valued at approximately $23,585,000.
About Beacon Roofing Supply
(get rating)
Beacon Roofing Supply, Inc., together with its subsidiaries, is engaged in the distribution of residential and non-residential roofing materials and ancillary building products to contractors, home builders, builders, lumber yards and retailers throughout the United States and Canada. It offers pitched roof and flat roof products; gutters and siding; building materials such as lumber and composites, skylights and windows, plywood and OSB, decking and railings, and HVAC products; and foam board, spray foam, rolls, batts, mineral wool, fiberglass and commercial insulation products, as well as radiant barriers and blown insulation and appliances.
See also
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