BidaskClub upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a hold rating to a buy rating in a research report released on Wednesday morning.
Other analysts have also issued research reports about the stock. Robert W. Baird lowered shares of Beacon Roofing Supply from an outperform rating to a neutral rating and cut their price objective for the stock from $55.00 to $37.00 in a research note on Tuesday, October 2nd. Longbow Research lowered shares of Beacon Roofing Supply from a buy rating to a neutral rating and set a $34.00 price objective on the stock. in a research note on Wednesday, November 28th. Wedbush lowered shares of Beacon Roofing Supply from an outperform rating to a neutral rating and set a $30.00 price objective on the stock. in a research note on Friday, December 14th. Seaport Global Securities set a $34.00 price objective on shares of Beacon Roofing Supply and gave the stock a buy rating in a research note on Tuesday, November 20th. Finally, Royal Bank of Canada set a $28.00 price target on shares of Beacon Roofing Supply and gave the company a hold rating in a research report on Tuesday, November 20th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $41.13.
Shares of NASDAQ:BECN traded down $0.03 during midday trading on Wednesday, reaching $34.16. The company’s stock had a trading volume of 785,578 shares, compared to its average volume of 940,447. The firm has a market capitalization of $2.37 billion, a P/E ratio of 12.65, a PEG ratio of 0.59 and a beta of 1.37. Beacon Roofing Supply has a twelve month low of $24.97 and a twelve month high of $63.92. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.59 and a quick ratio of 0.97.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Monday, November 19th. The company reported $1.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.36 by ($0.29). The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $2.01 billion. Beacon Roofing Supply had a return on equity of 11.23% and a net margin of 1.54%. The firm’s revenue was up 50.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.93 EPS. Equities analysts anticipate that Beacon Roofing Supply will post 3.08 EPS for the current fiscal year.
In related news, Director Richard W. Frost bought 10,675 shares of the company’s stock in a transaction dated Wednesday, November 21st. The shares were acquired at an average price of $31.61 per share, for a total transaction of $337,436.75. Following the completion of the transaction, the director now directly owns 22,495 shares in the company, valued at $711,066.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Carl T. Berquist bought 5,000 shares of the company’s stock in a transaction dated Monday, November 26th. The stock was bought at an average price of $33.05 per share, for a total transaction of $165,250.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $330,500. The disclosure for this purchase can be found here. In the last quarter, insiders bought 23,625 shares of company stock worth $753,469. Company insiders own 0.77% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Beacon Roofing Supply in the third quarter worth about $76,748,000. Southpoint Capital Advisors LP purchased a new position in shares of Beacon Roofing Supply in the third quarter worth about $72,380,000. Glenmede Trust Co. NA lifted its stake in shares of Beacon Roofing Supply by 21,562.2% in the second quarter. Glenmede Trust Co. NA now owns 831,180 shares of the company’s stock worth $35,425,000 after buying an additional 827,343 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Beacon Roofing Supply by 28.2% in the third quarter. Jennison Associates LLC now owns 2,862,115 shares of the company’s stock worth $103,580,000 after buying an additional 629,593 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Beacon Roofing Supply by 47.3% in the second quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock worth $69,392,000 after buying an additional 522,722 shares in the last quarter.
About Beacon Roofing Supply
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 solar systems.
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