Beacon Roofing Supply’s (BECN) “Market Perform” Rating Reiterated at BMO Capital Markets

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “market perform” rating reiterated by BMO Capital Markets in a report released on Thursday, Marketbeat reports. They presently have a $124.35 price objective on the stock, down from their previous price objective of $130.00. BMO Capital Markets’ price target would suggest a potential upside of 0.40% from the stock’s previous close.

A number of other brokerages also recently commented on BECN. Loop Capital reaffirmed a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Raymond James lowered Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their target price for the stock from $131.00 to $122.55 in a research report on Friday, February 7th. Robert W. Baird lifted their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Finally, StockNews.com started coverage on Beacon Roofing Supply in a report on Thursday, April 10th. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $121.47.

Beacon Roofing Supply Trading Up 0.6 %

NASDAQ BECN opened at $123.85 on Thursday. The firm’s 50 day moving average price is $120.02 and its two-hundred day moving average price is $109.95. The stock has a market cap of $7.65 billion, a price-to-earnings ratio of 21.17 and a beta of 1.31. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $123.90. 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 (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Equities analysts anticipate that Beacon Roofing Supply will post 7.22 EPS for the current year.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jonathan Stuart Bennett sold 8,487 shares of the stock in a transaction on Monday, April 7th. The shares were 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 directly owns 22,642 shares of the company’s stock, valued at $2,765,493.88. This represents a 27.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Clement Munroe Best III sold 29,724 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the completion of the sale, the insider now owns 87,943 shares in the company, valued at $10,821,386.15. This represents a 25.26 % decrease in their ownership of the stock. 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. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Beacon Roofing Supply during the fourth quarter valued at about $94,573,000. Balyasny Asset Management L.P. acquired a new stake in shares of Beacon Roofing Supply during the 4th quarter worth approximately $68,588,000. Frontier Capital Management Co. LLC increased its position in shares of Beacon Roofing Supply by 16.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock valued at $242,247,000 after purchasing an additional 329,047 shares during the period. Bank of America Corp DE increased its position in shares of Beacon Roofing Supply by 253.2% during the fourth quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock valued at $43,118,000 after purchasing an additional 304,287 shares during the period. Finally, Spruce House Investment Management LLC raised its stake in shares of Beacon Roofing Supply by 146.3% in the fourth quarter. Spruce House Investment Management LLC now owns 500,000 shares of the company’s stock valued at $50,790,000 after purchasing an additional 297,000 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.