Benchmark Reaffirms "Buy" Rating for Beacon Roofing Supply (NASDAQ:BECN)

Benchmark reiterated their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a research note published on Friday morning, Benzinga reports. The brokerage currently has a $140.00 price target on the stock.

BECN has been the topic of a number of other research reports. Royal Bank of Canada dropped their target price on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Stephens dropped their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating on the stock in a report on Monday, August 5th. Finally, Robert W. Baird boosted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $115.00.

Beacon Roofing Supply Trading Up 1.4 %

BECN traded up $1.27 during trading on Friday, reaching $93.34. 608,793 shares of the stock traded hands, compared to its average volume of 712,356. The stock's 50-day moving average is $88.91 and its 200 day moving average is $92.22. Beacon Roofing Supply has a 12 month low of $71.48 and a 12 month high of $105.42. 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 capitalization of $5.77 billion, a PE ratio of 16.00 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $2.80 EPS 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 business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. Equities analysts anticipate that Beacon Roofing Supply will post 7.37 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Beacon Roofing Supply

Several large investors have recently made changes to their positions in BECN. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company's stock valued at $689,814,000 after acquiring an additional 872,216 shares during the last quarter. Boston Partners lifted its stake in Beacon Roofing Supply by 79.6% in the first quarter. Boston Partners now owns 1,285,239 shares of the company's stock valued at $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Beacon Roofing Supply during the second quarter valued at $39,606,000. Jupiter Asset Management Ltd. increased its position in Beacon Roofing Supply by 1,293.8% in the first quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company's stock worth $39,150,000 after buying an additional 370,756 shares during the last quarter. Finally, Zimmer Partners LP bought a new stake in shares of Beacon Roofing Supply in the first quarter valued at $35,777,000. 98.45% of the stock is owned by hedge funds and other 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.