Royal Bank of Canada Forecasts Strong Price Appreciation for Beacon Roofing Supply (NASDAQ:BECN) Stock

Beacon Roofing Supply (NASDAQ:BECN - Free Report) had its price target lifted by Royal Bank of Canada from $113.00 to $114.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts have also issued research reports about the company. Benchmark reaffirmed a "buy" rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Finally, Stephens reduced their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating for the company in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.00.

Beacon Roofing Supply Trading Up 1.4 %

NASDAQ BECN traded up $1.27 on Friday, reaching $93.34. The company had a trading volume of 631,144 shares, compared to its average volume of 713,414. Beacon Roofing Supply has a 52 week low of $71.48 and a 52 week high of $105.42. The stock's 50 day moving average is $88.91 and its 200-day moving average is $92.22. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 16.00 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.88 by ($0.08). Beacon Roofing Supply had a return on equity of 25.64% and a net margin of 3.86%. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.78 billion. Equities analysts predict that Beacon Roofing Supply will post 7.37 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the company's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now owns 9,131 shares in the company, valued at approximately $821,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Prithvi Gandhi bought 5,000 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now owns 9,131 shares of the company's stock, valued at $821,790. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Trading of Beacon Roofing Supply

Hedge funds have recently modified their holdings of the stock. Equitable Trust Co. lifted its position in Beacon Roofing Supply by 2.2% during the third quarter. Equitable Trust Co. now owns 7,106 shares of the company's stock worth $614,000 after acquiring an additional 156 shares during the last quarter. Fiera Capital Corp bought a new position in shares of Beacon Roofing Supply during the third quarter worth approximately $1,723,000. Cannon Global Investment Management LLC lifted its holdings in Beacon Roofing Supply by 24.3% during the 3rd quarter. Cannon Global Investment Management LLC now owns 5,000 shares of the company's stock worth $432,000 after purchasing an additional 978 shares during the last quarter. US Bancorp DE boosted its stake in Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock valued at $454,000 after purchasing an additional 116 shares during the period. Finally, Iridian Asset Management LLC CT grew its holdings in Beacon Roofing Supply by 27.5% in the 3rd quarter. Iridian Asset Management LLC CT now owns 83,713 shares of the company's stock valued at $7,235,000 after buying an additional 18,064 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.