Beacon Roofing Supply (NASDAQ:BECN) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a report issued on Friday. The brokerage issued a sell rating on the stock.

Several other equities analysts have also commented on the stock. Loop Capital reissued a "hold" rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a report on Friday, March 21st. Baird R W lowered shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 20th. Zelman & Associates lowered shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. William Blair reissued a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Finally, Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an "outperform" rating in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $121.47.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN traded up $0.01 during mid-day trading on Friday, reaching $123.95. 561,931 shares of the company's stock were exchanged, compared to its average volume of 1,137,586. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $124.11. The firm has a market capitalization of $7.66 billion, a PE ratio of 21.19 and a beta of 1.31. The business's fifty day simple moving average is $120.20 and its two-hundred day simple moving average is $110.80. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released 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). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. Analysts anticipate that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 16,595 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the transaction, the executive vice president now owns 463 shares in the company, valued at $57,231.43. The trade was a 97.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the business's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares in the company, valued at $2,765,493.88. The trade was 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

A number of hedge funds have recently made changes to their positions in the business. Vaughan Nelson Investment Management L.P. boosted its stake in Beacon Roofing Supply by 6.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,052,274 shares of the company's stock valued at $130,166,000 after purchasing an additional 67,075 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Beacon Roofing Supply during the 1st quarter valued at about $2,236,000. Elevation Point Wealth Partners LLC boosted its stake in Beacon Roofing Supply by 27.8% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,576 shares of the company's stock valued at $319,000 after purchasing an additional 560 shares during the last quarter. SG Americas Securities LLC acquired a new position in Beacon Roofing Supply during the 1st quarter valued at about $1,454,000. Finally, GAMMA Investing LLC boosted its stake in Beacon Roofing Supply by 17.2% during the 1st quarter. GAMMA Investing LLC now owns 913 shares of the company's stock valued at $113,000 after purchasing an additional 134 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.