Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Consensus Rating of “Buy” from Brokerages
Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have earned an average “buy” recommendation from the 16 research firms currently covering the company, Marketbeat Ratings reports. Four equity research analysts have given the stock a hold rating and seven have given the company a buy rating. The 12-month average price target among brokers who have covered the stock in the past year is $55.83.
A number of research agencies have responded to BECN. Robert W. Baird raised his price target for Beacon Roofing Supply from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, May 7. Royal Bank of Canada raised its price target for Beacon Roofing Supply from $48.00 to $63.00 and gave the stock an “industry performance” rating on Friday, May 7 in a research report. Northcoast Research reaffirmed a “neutral” rating on shares of Beacon Roofing Supply in a research report on Wednesday, April 21. Truist Securities raised its price target for Beacon Roofing Supply from $49.00 to $68.00 in a research report on Friday, May 7. Finally, Stifel Nicolaus took note of Beacon Roofing Supply in a research report on Tuesday, March 9. They have set a “buy” rating and a price target of $61.00 for the stock.
NASDAQ:BECN opened at $54.99 on Friday. The company has a quick ratio of 1.24, a current ratio of 2.04 and a debt-to-equity ratio of 1.34. The 50-day moving average price of the stock is $56.48. Beacon Roofing Supply has a 52-week low of $24.56 and a 52-week high of $60.93. The company has a market cap of $3.84 billion, a PE ratio of -19.85 and a beta of 2.02.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly results on Thursday, May 6. The company reported $0.23 earnings per share for the quarter, beating analyst consensus estimates of $0.01 by $0.22. Beacon Roofing Supply had a positive return on equity of 16.33% and a negative net margin of 2.41%. The company had revenue of $1.32 billion for the quarter, compared to analyst expectations of $1.32 billion. As a group, equity analysts forecast Beacon Roofing Supply to achieve 3.69 earnings per share for the current fiscal year.
In other news about Beacon Roofing Supply, insider Clement Munroe Best III sold 4,000 shares of the firm in a transaction dated Friday, April 16. The stock sold at an average price of $57.00, for a total transaction of $228,000.00. Following the transaction, the insider now owns 56,002 shares of the company, valued at $3,192,114. The sale was disclosed in a filing with the SEC, which can be accessed at: the SEC website. Major shareholder Cd&R Investment Associates Ix also acquired 563,611 shares of the company in a transaction on Thursday, April 29. The shares were purchased at an average cost of $53.23 per share, for a total transaction of $30,001,013.53. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in the shares of Beacon Roofing Supply by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 16,427 shares of the company worth $859,000 after purchasing an additional 321 shares during the period. Aperio Group LLC increased its stake in the shares of Beacon Roofing Supply by 4.6% during the fourth quarter. Aperio Group LLC now owns 9,678 shares of the company worth $389,000 after purchasing an additional 425 shares during the period. The PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 287.5% in the first quarter. The PNC Financial Services Group Inc. now owns 775 shares of the company worth $41,000, having purchased an additional 575 shares during the period. Teacher Retirement System of Texas increased its position in Beacon Roofing Supply by 2.7% in the first quarter. Teacher Retirement System of Texas now owns 43,099 shares of the company worth $2,255,000 after purchasing an additional 1,128 shares during the period. Finally, in the fourth quarter, Advisory Services Network LLC acquired a new stake in Beacon Roofing Supply worth approximately $45,000.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc., along with its subsidiaries, distributes residential and non-residential roofing materials and ancillary construction products to contractors, home builders, building owners and retailers. The company’s residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulation, metal roofing, felt, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edging and flashings, prefabricated flashings, ridges and vents, and solar systems.
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