Beacon Roofing Supply (NASDAQ:BECN) Sets New 12-Month High Following Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price reached a new 52-week high on Friday after Truist Financial raised their price target on the stock from $90.00 to $95.00. Truist Financial currently has a hold rating on the stock. Beacon Roofing Supply traded as high as $103.75 and last traded at $96.48, with a volume of 224208 shares trading hands. The stock had previously closed at $97.52.

BECN has been the topic of several other reports. JPMorgan Chase & Co. lowered their target price on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. StockNews.com raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Finally, Benchmark began coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 price target on the stock. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and a consensus price target of $104.33.

Insider Transactions at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 28th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares in the company, valued at $16,521.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $171,475.00. Following the sale, the insider now owns 10,531 shares of the company’s stock, valued at $1,000,445. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Beacon Roofing Supply during the first quarter worth about $26,000. PNC Financial Services Group Inc. lifted its position in Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares during the last quarter. Quarry LP boosted its stake in 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 buying an additional 225 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Beacon Roofing Supply during the fourth quarter valued at approximately $36,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Beacon Roofing Supply by 49.4% during the third quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after acquiring an additional 161 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

The stock has a market capitalization of $6.08 billion, a PE ratio of -204.02 and a beta of 1.59. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The firm’s 50 day simple moving average is $93.77 and its 200 day simple moving average is $85.92.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business earned $1.18 EPS. Beacon Roofing Supply’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.8 EPS for the current fiscal year.

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.