Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives $122.10 Consensus Target Price from Analysts

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have received a consensus recommendation of “Hold” from the thirteen research firms that are presently covering the company, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $122.10.

A number of equities analysts recently issued reports on the company. Raymond James lowered Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Baird R W lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Loop Capital reaffirmed a “hold” rating and set a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Finally, Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $124.00 to $124.35 in a research report on Wednesday, April 2nd.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $123.38 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The business has a 50 day moving average of $119.80 and a two-hundred day moving average of $109.50. The company has a market cap of $7.62 billion, a P/E ratio of 21.09 and a beta of 1.31. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. As a group, analysts anticipate that Beacon Roofing Supply will post 7.22 EPS for the current year.

Insider Buying and Selling

In related news, insider Jonathan Stuart Bennett sold 8,487 shares of the business’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the completion of the transaction, the insider now owns 22,642 shares of the company’s stock, valued at approximately $2,765,493.88. The trade was a 27.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 29,724 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the completion of the sale, the insider now directly owns 87,943 shares of the company’s stock, valued at approximately $10,821,386.15. This trade represents a 25.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,806 shares of company stock worth $6,745,448. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Beacon Roofing Supply by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company’s stock worth $661,235,000 after purchasing an additional 24,027 shares during the period. Boston Partners boosted its stake in shares of Beacon Roofing Supply by 1.3% during the 4th quarter. Boston Partners now owns 4,531,106 shares of the company’s stock worth $462,417,000 after buying an additional 59,630 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Beacon Roofing Supply by 16.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock valued at $242,247,000 after acquiring an additional 329,047 shares during the last quarter. State Street Corp raised its holdings in Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after acquiring an additional 15,505 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Beacon Roofing Supply by 7.4% in the fourth quarter. Invesco Ltd. now owns 1,248,349 shares of the company’s stock valued at $126,807,000 after purchasing an additional 86,209 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.