Beacon Roofing Supply (NASDAQ:BECN) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research report released on Monday morning.

Other research analysts also recently issued reports about the stock. Truist Financial boosted their target price on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the company a hold rating in a research report on Friday, May 3rd. Loop Capital boosted their target price on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a research report on Monday, April 1st. JPMorgan Chase & Co. decreased their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an overweight rating for the company in a research report on Thursday, January 11th. BMO Capital Markets boosted their target price on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research report on Thursday, April 11th. Finally, Benchmark assumed coverage on shares of Beacon Roofing Supply in a research report on Thursday, April 18th. They set a buy rating and a $135.00 target price for the company. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $107.64.

Beacon Roofing Supply Price Performance

Shares of BECN opened at $92.28 on Monday. The firm has a market capitalization of $5.85 billion, a PE ratio of -146.48 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. Beacon Roofing Supply has a 1-year low of $57.88 and a 1-year high of $103.75. The company’s fifty day moving average price is $94.16 and its 200-day moving average price is $86.48.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.31%. Beacon Roofing Supply’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period last year, the firm earned $1.18 earnings per share. On average, equities research analysts predict that Beacon Roofing Supply will post 7.78 EPS for the current year.

Insider Activity at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the company’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 value of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares in the company, valued at approximately $1,000,445. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason L. Taylor sold 1,805 shares of the firm’s 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 transaction, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in BECN. Cambridge Investment Research Advisors Inc. raised its position in Beacon Roofing Supply by 5.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 4,209 shares of the company’s stock worth $325,000 after acquiring an additional 200 shares during the last quarter. Xponance Inc. raised its position in Beacon Roofing Supply by 10.5% during the third quarter. Xponance Inc. now owns 3,315 shares of the company’s stock worth $256,000 after acquiring an additional 314 shares during the last quarter. Raymond James & Associates raised its position in Beacon Roofing Supply by 76.2% during the third quarter. Raymond James & Associates now owns 38,263 shares of the company’s stock worth $2,953,000 after acquiring an additional 16,552 shares during the last quarter. Bank of New York Mellon Corp raised its position in Beacon Roofing Supply by 5.7% during the third quarter. Bank of New York Mellon Corp now owns 253,366 shares of the company’s stock worth $19,552,000 after acquiring an additional 13,678 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beacon Roofing Supply by 11.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,796 shares of the company’s stock worth $602,000 after acquiring an additional 785 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.