Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) has been given an average recommendation of “Hold” by the ten brokerages that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $62.43.
BECN has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 28th. JPMorgan Chase & Co. decreased their price objective on Beacon Roofing Supply from $66.00 to $59.00 in a report on Friday, July 15th. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $70.00 to $58.00 in a report on Wednesday, June 22nd. Stephens decreased their price target on Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating on the stock in a report on Monday, August 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Beacon Roofing Supply in a report on Wednesday, August 17th. They set a “buy” rating on the stock.
Beacon Roofing Supply Stock Down 1.5%
NASDAQ BECN opened at $53.36 on Monday. The stock’s 50 day moving average is $56.98 and its 200 day moving average is $58.49. The company has a current ratio of 1.91, a quick ratio of 1.02 and a debt-to-equity ratio of 1.24. Beacon Roofing Supply has a 12 month low of $45.71 and a 12 month high of $65.30. The stock has a market cap of $3.47 billion, a PE ratio of 11.33 and a beta of 1.79.
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Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.44. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the previous year, the firm earned $1.59 EPS. The firm’s revenue was up 26.0% compared to the same quarter last year. Research analysts predict that Beacon Roofing Supply will post 6.9 EPS for the current fiscal year.
Insider Buying and Selling at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 103,931 shares of the business’s stock in a transaction on Friday, July 29th. The shares were bought at an average price of $57.73 per share, with a total value of $5,999,936.63. Following the transaction, the insider now directly owns 14,859,579 shares of the company’s stock, valued at approximately $857,843,495.67. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Beacon Roofing Supply
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Verition Fund Management LLC bought a new position in shares of Beacon Roofing Supply during the 2nd quarter worth $202,000. Captrust Financial Advisors lifted its stake in shares of Beacon Roofing Supply by 2.1% during the 2nd quarter. Captrust Financial Advisors now owns 21,156 shares of the company’s stock worth $1,087,000 after purchasing an additional 439 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth $232,000. Centiva Capital LP purchased a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth $409,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth $544,000.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.
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