Beacon Roofing Supply (NASDAQ:BECN) Sets New 12-Month High at $97.28

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) reached a new 52-week high on Thursday . The stock traded as high as $97.28 and last traded at $96.95, with a volume of 517675 shares traded. The stock had previously closed at $95.05.

Analysts Set New Price Targets

Several research firms have weighed in on BECN. JPMorgan Chase & Co. cut their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Robert W. Baird upgraded Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. William Blair upgraded Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. Finally, Stifel Nicolaus increased their price objective on Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $94.45.

Beacon Roofing Supply Stock Performance

The firm has a 50-day moving average of $86.86 and a 200-day moving average of $81.96. 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 (NASDAQ:BECN) last released 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). The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.18 EPS. Research analysts forecast that Beacon Roofing Supply, Inc. will post 7.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the transaction, the insider now 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 can be accessed through this link. 0.95% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BECN. Advisor Group Holdings Inc. raised its stake in shares of Beacon Roofing Supply by 37.5% in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after purchasing an additional 300 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Beacon Roofing Supply by 11.6% in the first quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock worth $797,000 after acquiring an additional 1,397 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Beacon Roofing Supply in the first quarter worth $317,000. AlphaCrest Capital Management LLC grew its holdings in shares of Beacon Roofing Supply by 4.0% in the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after acquiring an additional 273 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Beacon Roofing Supply by 27.0% in the first quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock worth $665,000 after acquiring an additional 2,267 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.