Beacon Roofing Supply (NASDAQ:BECN) was upgraded by Northcoast Research from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, January 7th, MarketBeat reports. The brokerage currently has a $40.00 target price on the stock. Northcoast Research’s price objective would suggest a potential upside of 10.39% from the company’s previous close.
BECN has been the subject of several other research reports. Deutsche Bank upped their target price on shares of Beacon Roofing Supply from $34.00 to $39.00 and gave the company a “hold” rating in a report on Monday, December 16th. SunTrust Banks lowered their price objective on shares of Beacon Roofing Supply from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Raymond James cut shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 27th. Loop Capital initiated coverage on shares of Beacon Roofing Supply in a research note on Monday, January 6th. They set a “buy” rating and a $37.00 price target on the stock. Finally, ValuEngine raised shares of Beacon Roofing Supply from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 21st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $34.50.
BECN traded up $0.76 during mid-day trading on Tuesday, reaching $36.24. 66,328 shares of the company traded hands, compared to its average volume of 381,958. The company’s fifty day moving average price is $31.34 and its 200-day moving average price is $32.86. Beacon Roofing Supply has a 52-week low of $26.50 and a 52-week high of $40.00. The stock has a market capitalization of $2.39 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.31 and a beta of 1.39. The company has a quick ratio of 1.04, a current ratio of 1.75 and a debt-to-equity ratio of 1.39.
Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Monday, November 25th. The company reported $1.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.17). The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.05 billion. Beacon Roofing Supply had a negative net margin of 0.15% and a positive return on equity of 9.55%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.07 EPS. As a group, sell-side analysts forecast that Beacon Roofing Supply will post 2.59 earnings per share for the current fiscal year.
In related news, Director Stuart A. Randle sold 5,802 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $30.06, for a total value of $174,408.12. Following the sale, the director now owns 35,519 shares in the company, valued at $1,067,701.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Frost acquired 3,000 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were purchased at an average cost of $30.05 per share, for a total transaction of $90,150.00. Following the completion of the transaction, the director now owns 37,249 shares in the company, valued at approximately $1,119,332.45. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Millennium Management LLC purchased a new position in shares of Beacon Roofing Supply during the third quarter valued at approximately $391,000. Man Group plc raised its holdings in Beacon Roofing Supply by 296.4% in the 3rd quarter. Man Group plc now owns 129,364 shares of the company’s stock worth $4,338,000 after acquiring an additional 96,727 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Beacon Roofing Supply by 8.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 111,359 shares of the company’s stock worth $3,734,000 after acquiring an additional 8,679 shares during the last quarter. California State Teachers Retirement System raised its stake in Beacon Roofing Supply by 1.1% during the 3rd quarter. California State Teachers Retirement System now owns 105,850 shares of the company’s stock valued at $3,549,000 after buying an additional 1,104 shares during the last quarter. Finally, State Street Corp raised its stake in Beacon Roofing Supply by 0.5% during the 3rd quarter. State Street Corp now owns 1,400,717 shares of the company’s stock valued at $46,966,000 after buying an additional 6,754 shares during the last quarter.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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