Beacon Roofing Supply (BECN) Bonds Rise 9.4% During Trading

An issue of Beacon Roofing Supply, Inc. (NASDAQ:BECN) bonds rose 9.4% against their face value during trading on Thursday. The debt issue has a 4.875% coupon and is set to mature on November 1, 2025. The debt is now trading at $99.25 and was trading at $92.25 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

Several equities research analysts recently issued reports on the stock. ValuEngine raised shares of Beacon Roofing Supply from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 21st. BidaskClub raised shares of Beacon Roofing Supply from a “sell” rating to a “hold” rating in a research note on Friday, June 22nd. Citigroup raised shares of Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Tuesday, June 19th. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, June 27th. Finally, Evercore ISI assumed coverage on shares of Beacon Roofing Supply in a research note on Thursday, June 28th. They set an “outperform” rating and a $61.00 price target on the stock. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Beacon Roofing Supply presently has an average rating of “Hold” and an average target price of $50.27.

BECN stock traded down $0.59 during mid-day trading on Friday, hitting $32.49. 1,189,074 shares of the company were exchanged, compared to its average volume of 1,021,226. The firm has a market cap of $2.46 billion, a P/E ratio of 14.90, a P/E/G ratio of 0.63 and a beta of 1.15. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.07 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a twelve month low of $31.53 and a twelve month high of $66.47.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Tuesday, August 7th. The company reported $1.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by ($0.14). The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $2.07 billion. Beacon Roofing Supply had a return on equity of 9.94% and a net margin of 1.65%. During the same period in the prior year, the business earned $0.84 earnings per share. On average, sell-side analysts expect that Beacon Roofing Supply, Inc. will post 3.03 EPS for the current year.

In related news, Director Philip Knisely acquired 6,000 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was bought at an average cost of $37.14 per share, with a total value of $222,840.00. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at $222,840. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Cd&R Investment Associates Ix, acquired 314,400 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were bought at an average cost of $38.77 per share, with a total value of $12,189,288.00. The disclosure for this purchase can be found here. 0.77% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in shares of Beacon Roofing Supply by 1.3% in the 2nd quarter. BlackRock Inc. now owns 5,024,154 shares of the company’s stock valued at $214,131,000 after buying an additional 65,371 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in shares of Beacon Roofing Supply by 8.6% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 3,246,090 shares of the company’s stock valued at $138,348,000 after buying an additional 256,784 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Beacon Roofing Supply by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,743,150 shares of the company’s stock valued at $116,912,000 after buying an additional 206,232 shares during the period. Jennison Associates LLC boosted its holdings in shares of Beacon Roofing Supply by 4.9% in the 2nd quarter. Jennison Associates LLC now owns 2,232,522 shares of the company’s stock valued at $95,150,000 after buying an additional 104,281 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in shares of Beacon Roofing Supply by 3.6% in the 2nd quarter. Fisher Asset Management LLC now owns 1,847,197 shares of the company’s stock valued at $78,728,000 after buying an additional 64,900 shares during the period.

About Beacon Roofing Supply (NASDAQ:BECN)

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 other accessories.

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