Beacon Roofing Supply (NASDAQ:BECN) Upgraded to Buy by StockNews.com

Beacon Roofing Supply (NASDAQ:BECN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

A number of other research firms also recently commented on BECN. Loop Capital increased their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. BMO Capital Markets upped their target price on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Stifel Nicolaus upped their target price on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a report on Thursday, January 11th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.00.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $96.26 on Tuesday. The firm has a market cap of $6.11 billion, a PE ratio of -204.81 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 1-year low of $56.94 and a 1-year high of $102.83. The company has a fifty day moving average price of $90.79 and a 200 day moving average price of $84.02.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the company earned $1.18 earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. Research analysts predict that Beacon Roofing Supply will post 7.85 earnings per share 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 firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley increased its stake in Beacon Roofing Supply by 467.9% in the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock valued at $69,335,000 after acquiring an additional 1,082,141 shares during the last quarter. Vanguard Group Inc. increased its stake in Beacon Roofing Supply by 19.3% in the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after acquiring an additional 909,819 shares during the last quarter. Norges Bank bought a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $59,850,000. JPMorgan Chase & Co. grew its stake in shares of Beacon Roofing Supply by 301.1% during the first quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock worth $49,969,000 after buying an additional 637,420 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Beacon Roofing Supply by 102.2% during the fourth quarter. Royal Bank of Canada now owns 765,829 shares of the company’s stock worth $66,642,000 after buying an additional 387,060 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Company Profile

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.