Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) was upgraded by equities researchers at Robert W. Baird from a “neutral” rating to an “outperform” rating in a research note issued to investors on Thursday, Marketbeat.com reports. The brokerage presently has a $115.00 target price on the stock, up from their prior target price of $99.00. Robert W. Baird’s price objective indicates a potential upside of 33.89% from the stock’s previous close.
Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. 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. Stifel Nicolaus lifted their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a research report on Tuesday, December 19th. StockNews.com upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $94.45.
Check Out Our Latest Report on Beacon Roofing Supply
Beacon Roofing Supply Price Performance
BECN opened at $85.89 on Thursday. Beacon Roofing Supply has a fifty-two week low of $54.60 and a fifty-two week high of $90.62. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.05 and a current ratio of 1.73. The company has a fifty day moving average of $85.66 and a two-hundred day moving average of $80.58. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -182.74, a PEG ratio of 1.47 and a beta of 1.62.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.70%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the previous year, the firm posted $1.18 EPS. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. On average, research analysts expect that Beacon Roofing Supply will post 7.9 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Jason L. Taylor sold 1,806 shares of the business’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $88.75, for a total transaction of $160,282.50. Following the transaction, the insider now directly owns 11,178 shares in the company, valued at $992,047.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Beacon Roofing Supply
Several institutional investors and hedge funds have recently bought and sold shares of BECN. Morgan Stanley boosted its holdings in Beacon Roofing Supply by 467.9% in the 4th 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 during the last quarter. Vanguard Group Inc. raised its stake in shares of Beacon Roofing Supply by 19.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after acquiring an additional 909,819 shares during the period. Frontier Capital Management Co. LLC raised its stake in shares of Beacon Roofing Supply by 40.3% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,417,307 shares of the company’s stock valued at $200,588,000 after acquiring an additional 694,876 shares during the period. Norges Bank purchased a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at approximately $59,850,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Beacon Roofing Supply by 301.1% in the 1st quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock valued at $49,969,000 after acquiring an additional 637,420 shares during the period.
About Beacon Roofing Supply
(Get Free Report)
Beacon Roofing Supply, Inc, together with its subsidiaries, engages in 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. It 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.
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