Beacon Roofing Supply (NASDAQ:BECN) Given New $114.00 Price Target at Royal Bank of Canada

by · The Markets Daily

Beacon Roofing Supply (NASDAQ:BECN – Free Report) had its target price hoisted by Royal Bank of Canada from $113.00 to $114.00 in a research note issued to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Benchmark reiterated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday. Stephens reduced their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, Robert W. Baird boosted their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.00.

Read Our Latest Analysis on Beacon Roofing Supply

Beacon Roofing Supply Trading Up 1.4 %

Shares of Beacon Roofing Supply stock traded up $1.27 during trading on Friday, hitting $93.34. The stock had a trading volume of 653,844 shares, compared to its average volume of 713,414. The firm’s fifty day simple moving average is $88.96 and its 200-day simple moving average is $92.20. The stock has a market cap of $5.78 billion, a PE ratio of 15.96 and a beta of 1.55. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. Beacon Roofing Supply has a 12 month low of $71.48 and a 12 month high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.88 by ($0.08). The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.78 billion. Beacon Roofing Supply had a return on equity of 25.64% and a net margin of 3.86%. As a group, sell-side analysts expect that Beacon Roofing Supply will post 7.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the transaction, the insider now owns 9,131 shares of the company’s stock, valued at approximately $821,790. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently made changes to their positions in the company. US Bancorp DE lifted its stake in shares of Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company’s stock valued at $454,000 after purchasing an additional 116 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Beacon Roofing Supply by 2.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after purchasing an additional 147 shares during the period. SummerHaven Investment Management LLC lifted its stake in shares of Beacon Roofing Supply by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock valued at $803,000 after purchasing an additional 156 shares during the period. Equitable Trust Co. lifted its stake in shares of Beacon Roofing Supply by 2.2% in the 3rd quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock valued at $614,000 after purchasing an additional 156 shares during the period. Finally, QRG Capital Management Inc. lifted its stake in shares of Beacon Roofing Supply by 1.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock valued at $1,027,000 after purchasing an additional 157 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Company Profile

(Get Free Report)

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.

Further Reading