Beacon Roofing Supply (NASDAQ:BECN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a hold rating to a buy rating in a report released on Tuesday.

Several other equities research analysts also recently commented on BECN. Robert W. Baird raised Beacon Roofing Supply from a neutral rating to an outperform rating and increased their price objective for the company from $99.00 to $115.00 in a report on Thursday, February 29th. William Blair upgraded Beacon Roofing Supply from a market perform rating to an outperform rating in a research note on Monday, January 8th. Stifel Nicolaus increased their price target on Beacon Roofing Supply from $115.00 to $119.00 and gave the company a buy rating in a research note on Tuesday, December 19th. Loop Capital increased their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a research note on Monday, April 1st. Finally, BMO Capital Markets increased their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of Moderate Buy and an average price target of $102.92.

Beacon Roofing Supply Trading Up 1.2 %

NASDAQ BECN opened at $94.56 on Tuesday. The company has a market cap of $6.00 billion, a PE ratio of -201.19 and a beta of 1.63. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. Beacon Roofing Supply has a 12 month low of $56.94 and a 12 month high of $102.83. The stock has a 50 day moving average of $91.47 and a 200-day moving average of $84.40.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.22). The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.18 EPS. On average, equities research analysts anticipate that Beacon Roofing Supply will post 7.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now owns 10,531 shares in the company, valued at approximately $1,000,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now owns 10,531 shares in the company, valued at approximately $1,000,445. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now owns 176 shares in the company, valued at approximately $16,521.12. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BECN. Allspring Global Investments Holdings LLC bought a new position in shares of Beacon Roofing Supply in the first quarter worth $26,000. Parkside Financial Bank & Trust bought a new position in shares of Beacon Roofing Supply in the second quarter worth $27,000. PNC Financial Services Group Inc. increased its position in shares of Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares during the period. Quarry LP increased its position in shares of Beacon Roofing Supply by 127.1% in the fourth quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the period. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth $36,000. Institutional investors 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.