Beacon Roofing Supply (NASDAQ:BECN) Shares Gap Down After Insider Selling

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $94.49, but opened at $88.79. Beacon Roofing Supply shares last traded at $90.72, with a volume of 130,441 shares trading hands.

Specifically, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on 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 directly owns 9,131 shares in the company, valued at $821,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

BECN has been the topic of a number of research analyst reports. Robert W. Baird decreased their price objective on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada decreased their price target on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Stephens dropped their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Beacon Roofing Supply Stock Down 3.9 %

The business’s fifty day simple moving average is $86.22 and its 200 day simple moving average is $92.72. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of -144.10 and a beta of 1.55. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the company posted $2.66 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BECN. Brightline Capital Management LLC bought a new position in Beacon Roofing Supply during the fourth quarter worth about $8,354,000. Goodnow Investment Group LLC acquired a new position in shares of Beacon Roofing Supply in the 4th quarter valued at approximately $1,700,000. Quarry LP grew its position in shares of Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after purchasing an additional 225 shares during the period. Chicago Partners Investment Group LLC bought a new stake in Beacon Roofing Supply during the 4th quarter worth approximately $218,000. Finally, Virtu Financial LLC acquired a new stake in Beacon Roofing Supply during the 4th quarter worth approximately $711,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.