Beacon Roofing Supply, Inc. (NASDAQ:BECN – free report) hit a fresh 52-week high during Friday trading after Truist Financial raised its price target on the stock to $85.00 from $61.00. The stock traded as high as $84.31 and was last trading at $83.47 on volume of 164,517 shares changing hands. The stock had previously closed at $80.86.
A number of other brokerage firms also recently commented on BECN. Loop Capital raised its price target on Beacon Roofing Supply shares to $84.00 from $76.00 in a research report on Friday, June 9. Deutsche Bank Aktiengesellschaft raised its price target on Beacon Roofing Supply from $85.00 to $86.00 in a research note on Friday, May 5. StockNews.com began coverage of Beacon Roofing Supply in a report on Thursday, May 18th. They rate the stock as “Hold.” Stephens lowered its price target on Beacon Roofing Supply to $68.00 from $70.00 in a report Monday, May 8. Finally, BMO Capital Markets increased its price target on shares of Beacon Roofing Supply to $90.00 from $75.00 in a report on Friday, June 16. One analyst has rated the stock with a sell rating, five with a hold rating and two with a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $77.00.
Insider Activity
In related news from Beacon Roofing Supply, major shareholder Cd&R Investment Associates Ix acquired 99,880 shares of the company’s shares in a transaction on Friday, April 28. The stock was purchased at an average price of $60.07 per share for a total value of $5,999,791.60. Following the acquisition, the insider now directly owns 15,171,964 shares of the company’s stock valued at approximately $911,379,877.48. The transaction was disclosed in a document filed with the SEC, available at this hyperlink. In related news, major shareholder Cd&R Investment Associates Ix bought 99,880 shares of Beacon Roofing Supply in a transaction on Friday, April 28. The shares were purchased at an average price of $60.07 per share for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In addition, Director Stuart A. Randle sold 10,299 shares of the company in a transaction dated Thursday, June 8th. The shares sold at an average price of $72.43 for a total value of $745,956.57. Upon the closing of the transaction, the Director now directly owns 31,417 shares of the Company, valued at approximately $2,275,533.31. The disclosure for this sale can be found here. Insiders sold 21,910 shares of the company’s stock valued at $1,558,209 over the past 90 days. 0.95% of the shares are owned by company insiders.
Hedge funds weigh on Beacon Roofing Supply
A number of institutional investors recently changed their holdings in the company. Sandy Spring Bank bought a new position in Beacon Roofing Supply worth about $29,000 during the first quarter. Mitsubishi UFJ Trust & Banking Corp bought a new position in Beacon Roofing Supply valued at around $29,000 during the first quarter. Exchange Traded Concepts LLC bought a new position in Beacon Roofing Supply valued at approximately $36,000 during the first quarter. Arcadia Investment Management Corp MI acquired a new stake in Beacon Roofing Supply for approximately $38,000 during the first quarter. Finally, Ronald Blue Trust Inc. increased its stake in Beacon Roofing Supply stock by 34.4% during the first quarter. Ronald Blue Trust Inc. now owns 817 shares of the company’s stock, valued at $43,000, after purchasing an additional 209 shares last quarter.
Beacon Roofing Supply Inventory Up 3.1%
The company has a market cap of $5.31 billion, a price-to-earnings ratio of 15.55 and a beta of 1.64. The company has a debt to equity ratio of 1.00, a current ratio of 2.07 and a short term ratio of 1.09. The company’s 50-day moving average price is $70.42 and its 200-day moving average price is $62.24.
Beacon Roofing Supply (NASDAQ:BECN – Free Report) last released its quarterly earnings 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. The company made $1.73 billion in revenue for the quarter, compared to analysts’ expectations of $1.78 billion. Beacon Roofing Supply achieved a return on equity of 27.52% and a net margin of 5.01%. Sell-side analysts expect Beacon Roofing Supply, Inc. to report earnings per share of 6.43 for the current fiscal year.
Company Profile of Beacon Roofing Supply
(Free Report)
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.
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