Stock analysts at Deutsche Bank Aktiengesellschaft initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN – Get Rating) in a report released on Wednesday, The Fly reports. The brokerage sets a “buy” rating on the stock.
A number of other analysts have also recently issued reports on BECN. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. JPMorgan Chase & Co. cut their target price on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Royal Bank of Canada lowered shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $70.00 to $58.00 in a research report on Wednesday, June 22nd. Stephens lowered their price target on shares of Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Monday, August 8th. Finally, William Blair lowered shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply has a consensus rating of “Hold” and a consensus price target of $62.43.
Beacon Roofing Supply Stock Performance
Shares of NASDAQ BECN traded down $1.21 during mid-day trading on Wednesday, reaching $60.43. 291,449 shares of the company were exchanged, compared to its average volume of 478,908. The company’s 50-day simple moving average is $56.12 and its 200-day simple moving average is $58.16. The company has a quick ratio of 1.02, a current ratio of 1.91 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $3.93 billion, a P/E ratio of 12.83 and a beta of 1.79. Beacon Roofing Supply has a twelve month low of $45.71 and a twelve month high of $65.30.
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Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.44. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Beacon Roofing Supply had a net margin of 5.25% and a return on equity of 29.19%. Beacon Roofing Supply’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.59 EPS. As a group, research analysts predict that Beacon Roofing Supply will post 6.78 earnings per share for the current year.
Insider Buying and Selling at Beacon Roofing Supply
In other news, major shareholder Cd&R Investment Associates Ix, bought 103,931 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were purchased at an average cost of $57.73 per share, with a total value of $5,999,936.63. Following the acquisition, the insider now directly owns 14,859,579 shares in the company, valued at $857,843,495.67. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.95% of the company’s stock.
Hedge Funds Weigh In On Beacon Roofing Supply
Several hedge funds have recently bought and sold shares of the company. Centiva Capital LP acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter valued at approximately $409,000. Captrust Financial Advisors boosted its stake in shares of Beacon Roofing Supply by 457.2% in the 2nd quarter. Captrust Financial Advisors now owns 115,430 shares of the company’s stock valued at $5,928,000 after purchasing an additional 94,713 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidid acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter valued at approximately $544,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Beacon Roofing Supply by 4.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,806,283 shares of the company’s stock valued at $144,131,000 after purchasing an additional 106,890 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter valued at approximately $259,000.
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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