Beacon Roofing Supply’s (BECN) Buy Rating Reiterated at Benchmark

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

A number of other brokerages also recently commented on BECN. Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada dropped their price objective 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. Finally, 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 research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average price target of $115.00.

Beacon Roofing Supply Price Performance

Shares of BECN opened at $93.34 on Friday. Beacon Roofing Supply has a fifty-two week low of $71.48 and a fifty-two week high of $105.42. The firm’s 50 day moving average price is $88.96 and its 200 day moving average price is $92.18. The company has a market cap of $5.77 billion, a P/E ratio of 15.96 and a beta of 1.54. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 25.64% and a net margin of 3.86%. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. During the same period in the previous year, the company earned $2.66 earnings per share. Beacon Roofing Supply’s quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts forecast that Beacon Roofing Supply will post 7.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

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

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Beacon Roofing Supply by 14.1% during the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after buying an additional 872,216 shares during the last quarter. Boston Partners grew its holdings in Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after buying an additional 569,627 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Beacon Roofing Supply by 6.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock worth $73,400,000 after purchasing an additional 49,040 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Beacon Roofing Supply during the second quarter worth $39,606,000. Finally, Jupiter Asset Management Ltd. boosted its holdings in shares of Beacon Roofing Supply by 1,293.8% during the first quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock worth $39,150,000 after purchasing an additional 370,756 shares during the last quarter. 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.