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

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

Several other research analysts also recently weighed in on the stock. Raymond James downgraded shares of Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 21st. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and boosted their target price for the company from $124.00 to $124.35 in a research note on Wednesday, April 2nd. William Blair restated a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Robert W. Baird upped their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an "outperform" rating in a research report on Friday, February 28th. Finally, BMO Capital Markets restated a "market perform" rating and set a $124.35 price objective (down from $130.00) on shares of Beacon Roofing Supply in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $121.47.

Beacon Roofing Supply Price Performance

Shares of BECN stock traded up $0.03 during midday trading on Friday, reaching $124.22. 8,317,300 shares of the company were exchanged, compared to its average volume of 1,186,515. The company's 50 day moving average price is $120.69 and its two-hundred day moving average price is $111.87. 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 cap of $7.68 billion, a P/E ratio of 21.23 and a beta of 1.31. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $124.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, sell-side analysts expect that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In other news, 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 transaction of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares of the company's stock, valued at approximately $2,765,493.88. This represents a 27.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christopher Carl Nelson sold 16,595 shares of the firm's stock in a transaction that occurred on Thursday, April 3rd. The shares were 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 directly owns 463 shares in the company, valued at $57,231.43. The trade was a 97.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company's stock worth $661,235,000 after buying an additional 24,027 shares during the period. Boston Partners lifted its position in 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 acquiring an additional 59,630 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Beacon Roofing Supply by 16.0% during 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 period. Invesco Ltd. grew its position in shares of 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 during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Beacon Roofing Supply by 6.8% in the first 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. 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.