For the past several months, Beacon Roofing Supply, Inc. (NASDAQ:BECN) has been a major talking point among market analysts and investors alike. The company sells various roofing materials for residential and commercial properties and assists in the installation of siding, windows, insulation, waterproofing systems and more.
Despite the great professional success, BECN was recently downgraded to a “sell” rating by Zelman & Associates on March 10 this year. Meanwhile, in February 2017, Robert W. Baird raised his price target on the stock from $65.00 to $76.00 and Deutsche Bank Aktiengesellschaft increased its price target to $86.00 last month.
The State Board of Administration of Florida’s Retirement System confirmed that the move had a positive impact on Becon Roofing Supply after the company reduced its stake in the company by 24.1% in the fourth quarter of 2016, according to its SEC filing statement in February emerges this year.
The state board’s move came at a time when Beacon Roofing Supply was gaining significant investor attention due to its robust growth numbers and good future prospects. This signals that even established players are keeping pace with the increasing volatility of traditional sectors of the economy.
According to consensus ratings among Wall Street analysts, forecast by Bloomberg.com, in line with recent trends: one research analyst recommended BECN stock as a ‘Sell’, six called it a ‘Hold’ and two recommended it as a ‘Buy’. However, according to current expectations from Wall Street analysts at Bloomberg.com, BECN will reach its target price of around $70, which has stagnated even after several companies have updated their ratings of the shares, including raising and lowering them.
According to some industry assessments, Beacon Roofing Supply has continued growth potential, although the company has been facing major challenges from unpredictable market fluctuations due to the COVID-19 outbreak so far worldwide. This optimism is reflected in Wall Street Analysts’ ongoing forecasts of how the company will perform in the immediate and foreseeable future.
BECN
Updated on: 05/17/2023
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Investor Updates and Industry Stability: A Look at Beacon Roofing Supply
Beacon Roofing Supply, a company that sells roofing materials and other building products, has recently attracted attention due to some changes in its investor group. Clayton Dubilier & Rice LLC increased its stake in the company by 0.7% in the fourth quarter and now owns 14,983,387 shares worth $790,973,000. Price T Rowe Associates Inc. MD increased its holding by 4.0% in the second quarter and now owns 2,806,283 shares worth $144,131,000. Fiduciary Management Inc. WI increased its holding by 4.2% in the third quarter and Frontier Capital Management Co. LLC increased its holding by 4.3%, both also owning significant holdings.
Insider trading also occurred in the Beacon Roofing Supply environment; Insider Clement Munroe Best III sold 1,500 shares of BECN on May 16 for $61.72 each and major shareholder Cd&R Investment Associates Ix bought nearly 100,000 shares at the end of April at an average price of $60.07 per share.
Today, despite the recent insider trading news and fluctuations in investor stocks described above, Beacon Roofing Supply appears to be holding steady in its industry. The company sells roofing materials for residential and commercial use, as well as other relevant products such as insulation and sealing solutions for the exterior of buildings.
Their forecast earnings per share (EPS) for this year averages a 6.2 among equity analysts who have followed the company throughout its growth streak.
The market cap of this company is currently $3.98 billion with a P/E ratio of 12 percent and a beta rating of approximately one point five seven (1.57). Their current distribution center is in Herndon, Virginia where they were founded 24 years ago on August 22, 1997.
Beacon Roofing Supply is recognized as a healthy product distributor in the home building and construction industry it serves. Through strategic acquisitions, including that of Allied Building Products Corp in 2018 and CRS Building Supplies in 2020, Beacon has gained greater reach and influence in its space. There may be more changes to come from this company, but for now it seems poised to continue making its impact felt while weathering the ups and downs of the market.
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