StockNews.com Initiates Coverage on Beacon Roofing Supply (NASDAQ:BECN)

Equities researchers at StockNews.com started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Thursday. The firm set a “sell” rating on the stock.

Several other equities analysts have also recently weighed in on BECN. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Benchmark reiterated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Raymond James downgraded Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. Finally, Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $122.10.

Beacon Roofing Supply Price Performance

NASDAQ BECN opened at $123.15 on Thursday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 21.05 and a beta of 1.31. The stock has a 50-day moving average of $119.61 and a 200 day moving average of $108.84. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.65 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 return on equity of 25.32% and a net margin of 3.86%. On average, sell-side analysts forecast that Beacon Roofing Supply will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Christopher Carl Nelson sold 16,595 shares of the company’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the transaction, the executive vice president now owns 463 shares of the company’s stock, valued at $57,231.43. This represents a 97.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the sale, the insider now owns 22,642 shares of the company’s stock, valued at $2,765,493.88. This represents a 27.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,806 shares of company stock worth $6,745,448. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP lifted its holdings in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Beacon Roofing Supply in the 4th quarter valued at $31,000. Versant Capital Management Inc increased its holdings in Beacon Roofing Supply by 133.7% in the 1st quarter. Versant Capital Management Inc now owns 388 shares of the company’s stock valued at $48,000 after acquiring an additional 222 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Beacon Roofing Supply in the 4th quarter worth $54,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after purchasing an additional 163 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Company Profile

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.