Beacon Roofing Supply (NASDAQ:BECN) Coverage Initiated by Analysts at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report issued to clients and investors on Thursday. The brokerage set a “sell” rating on the stock.

Several other equities research analysts have also recently weighed in on BECN. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their target price for the company from $131.00 to $122.55 in a research report on Friday, February 7th. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $124.00 to $124.35 in a report on Wednesday, April 2nd. Robert W. Baird lifted their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Finally, Raymond James cut shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $122.10.

Beacon Roofing Supply Trading Up 0.2 %

Shares of BECN opened at $123.15 on Thursday. The stock has a market capitalization of $7.61 billion, a PE ratio of 21.05 and a beta of 1.31. The company’s fifty day moving average is $119.61 and its 200 day moving average is $108.84. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Sell-side analysts expect that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In related news, insider Jonathan Stuart Bennett sold 8,487 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the completion of the sale, the insider now owns 22,642 shares in the company, valued at approximately $2,765,493.88. The trade was a 27.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher Carl Nelson sold 16,595 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the transaction, the executive vice president now directly owns 463 shares in the company, valued at approximately $57,231.43. This trade represents a 97.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,806 shares of company stock worth $6,745,448. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC increased its position in Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock valued at $234,000 after purchasing an additional 181 shares during the period. Quarry LP increased its holdings in Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares during the period. State Street Corp raised its stake in Beacon Roofing Supply by 1.1% in the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after buying an additional 15,505 shares in the last quarter. XTX Topco Ltd purchased a new stake in Beacon Roofing Supply during the third quarter worth $266,000. Finally, MML Investors Services LLC bought a new stake in Beacon Roofing Supply during the 3rd quarter valued at $268,000. 98.45% of the stock is currently owned by 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.