Benchmark Reiterates “Buy” Rating for Beacon Roofing Supply (NASDAQ:BECN)

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a report released on Friday, Benzinga reports. They currently have a $140.00 target price on the stock. Benchmark’s price target suggests a potential upside of 49.99% from the stock’s current price.

Other analysts also recently issued reports about the stock. Stephens decreased their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Royal Bank of Canada decreased their price objective on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Robert W. Baird raised their target price on 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 company. Based on data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average target price of $115.00.

Beacon Roofing Supply Trading Up 1.4 %

NASDAQ BECN opened at $93.34 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. Beacon Roofing Supply has a 1-year low of $71.48 and a 1-year high of $105.42. The firm’s fifty day simple moving average is $88.96 and its 200-day simple moving average is $92.20. The company has a market capitalization of $5.78 billion, a PE ratio of 15.96 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share 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 analyst estimates 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 anticipate that Beacon Roofing Supply will post 7.37 earnings per share for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was 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 owns 9,131 shares in the company, valued at $821,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Jason L. Taylor sold 2,600 shares of the company’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 directly owns 9,131 shares in the company, valued at $821,790. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Prithvi Gandhi purchased 5,000 shares of Beacon Roofing Supply stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors and hedge funds have recently modified their holdings of the company. Capstone Investment Advisors LLC acquired a new position in shares of Beacon Roofing Supply in the 1st quarter valued at $1,664,000. Acadian Asset Management LLC raised its holdings in shares of Beacon Roofing Supply by 15.3% in the 1st quarter. Acadian Asset Management LLC now owns 374,276 shares of the company’s stock worth $36,671,000 after buying an additional 49,634 shares in the last quarter. Boston Partners raised its holdings in shares of Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after buying an additional 569,627 shares in the last quarter. Blair William & Co. IL acquired a new stake in Beacon Roofing Supply in the 1st quarter valued at $644,000. Finally, Bayesian Capital Management LP acquired a new stake in Beacon Roofing Supply in the 1st quarter valued at $572,000. 98.45% of the stock is currently owned by institutional investors.

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.