Beacon Roofing Supply (BECN) Given a $66.00 Price Target at Royal Bank of Canada

Beacon Roofing Supply (NASDAQ:BECN) has been given a $66.00 price target by stock analysts at Royal Bank of Canada in a report issued on Friday. The firm currently has a “buy” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 19.85% from the company’s previous close.

Several other research firms have also recently issued reports on BECN. Wedbush reiterated a “neutral” rating and issued a $46.00 price objective (down from $52.00) on shares of Beacon Roofing Supply in a report on Friday, November 17th. Citigroup decreased their price objective on shares of Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Friday. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Tuesday, January 23rd. Robert W. Baird reiterated a “buy” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a report on Thursday, October 12th. Finally, BidaskClub upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Friday, December 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $59.91.

Shares of Beacon Roofing Supply (NASDAQ:BECN) traded down $0.02 during trading hours on Friday, hitting $55.07. 1,850,814 shares of the company’s stock traded hands, compared to its average volume of 627,828. The company has a quick ratio of 1.35, a current ratio of 2.06 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $3,744.40, a price-to-earnings ratio of 24.15, a P/E/G ratio of 1.14 and a beta of 1.35. Beacon Roofing Supply has a 12 month low of $39.57 and a 12 month high of $66.47.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.14. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Beacon Roofing Supply had a net margin of 3.29% and a return on equity of 10.15%. The business’s revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm posted $0.56 earnings per share. sell-side analysts anticipate that Beacon Roofing Supply will post 3.22 EPS for the current fiscal year.

In related news, CEO Paul Isabella sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $60.57, for a total transaction of $2,422,800.00. Following the completion of the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at $10,420,826.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Ross D. Cooper sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the sale, the executive vice president now owns 7,056 shares of the company’s stock, valued at $421,596. The disclosure for this sale can be found here. Company insiders own 0.77% of the company’s stock.

A number of institutional investors have recently bought and sold shares of BECN. UBS Asset Management Americas Inc. boosted its stake in Beacon Roofing Supply by 1.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 29,235 shares of the company’s stock worth $1,433,000 after purchasing an additional 395 shares during the period. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,892,191 shares of the company’s stock worth $239,718,000 after purchasing an additional 46,661 shares during the period. M&T Bank Corp boosted its stake in Beacon Roofing Supply by 13.1% in the 2nd quarter. M&T Bank Corp now owns 4,608 shares of the company’s stock worth $226,000 after purchasing an additional 534 shares during the period. Advisor Group Inc. boosted its stake in Beacon Roofing Supply by 8.9% in the 2nd quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock worth $190,000 after purchasing an additional 316 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its stake in Beacon Roofing Supply by 5.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 115,779 shares of the company’s stock worth $5,673,000 after purchasing an additional 6,324 shares during the period.

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Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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