Beacon Roofing Supply (NASDAQ:BECN) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report released on Thursday morning. The firm issued a sell rating on the stock.

BECN has been the subject of several other research reports. BMO Capital Markets cut their price target on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $124.00 to $124.35 in a research report on Wednesday, April 2nd. Baird R W cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Finally, Raymond James lowered Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Hold” and an average target price of $122.10.

Beacon Roofing Supply Trading Up 0.2 %

BECN stock opened at $123.15 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $123.90. The company’s 50-day simple moving average is $119.71 and its 200-day simple moving average is $109.10. The firm has a market cap of $7.61 billion, a P/E ratio of 21.05 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.01). The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. As a group, equities analysts forecast that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 16,595 shares of Beacon Roofing Supply stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the completion of the sale, the executive vice president now directly owns 463 shares of the company’s stock, valued at approximately $57,231.43. The trade was a 97.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clement Munroe Best III sold 29,724 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the transaction, the insider now owns 87,943 shares of the company’s stock, valued at approximately $10,821,386.15. The trade was a 25.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors have recently bought and sold shares of BECN. Norges Bank acquired a new position in shares of Beacon Roofing Supply in the 4th quarter valued at $94,573,000. Balyasny Asset Management L.P. acquired a new position in Beacon Roofing Supply in the fourth quarter valued at $68,588,000. Frontier Capital Management Co. LLC boosted its stake in Beacon Roofing Supply by 16.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock valued at $242,247,000 after acquiring an additional 329,047 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Beacon Roofing Supply by 253.2% during the fourth quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock worth $43,118,000 after purchasing an additional 304,287 shares during the last quarter. Finally, Spruce House Investment Management LLC increased its position in shares of Beacon Roofing Supply by 146.3% during the fourth quarter. Spruce House Investment Management LLC now owns 500,000 shares of the company’s stock worth $50,790,000 after purchasing an additional 297,000 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

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.