Beacon Roofing Supply Inc. (NASDAQ:BECN) shares hit a new 52-week high during trading on Thursday . The company traded as high as $47.59 and last traded at $46.86, with a volume of 539,873 shares changing hands. The stock had previously closed at $46.62.

BECN has been the subject of several recent analyst reports. Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, May 11th. BB&T Corp. upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Friday, June 10th. Jefferies Group initiated coverage on Beacon Roofing Supply in a research note on Wednesday. They set a “hold” rating and a $46.00 target price for the company. Robert W. Baird restated an “outperform” rating and set a $55.00 target price on shares of Beacon Roofing Supply in a research note on Wednesday. Finally, Royal Bank Of Canada upgraded Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $41.00 to $50.00 in a research note on Monday, April 11th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $46.94.

The company has a 50-day moving average of $43.43 and a 200-day moving average of $40.78. The company has a market capitalization of $2.78 billion and a price-to-earnings ratio of 42.68.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Monday, May 2nd. The company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.25. The firm had revenue of $823.50 million for the quarter, compared to the consensus estimate of $673.38 million. During the same period in the prior year, the business earned ($0.20) EPS. Beacon Roofing Supply’s quarterly revenue was up 99.3% compared to the same quarter last year. Analysts forecast that Beacon Roofing Supply Inc. will post $2.11 earnings per share for the current fiscal year.

In other Beacon Roofing Supply news, major shareholder Associates Viii Ltd. Cd&R sold 8,536,500 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $42.28, for a total transaction of $360,923,220.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Robert R. Buck sold 17,556 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $45.37, for a total transaction of $796,515.72. Following the transaction, the chairman now directly owns 31,545 shares in the company, valued at approximately $1,431,196.65. The disclosure for this sale can be found here.

Several institutional investors have recently bought and sold shares of BECN. Rhumbline Advisers boosted its position in Beacon Roofing Supply by 3.6% in the fourth quarter. Rhumbline Advisers now owns 71,099 shares of the company’s stock valued at $2,928,000 after buying an additional 2,465 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Beacon Roofing Supply during the fourth quarter valued at approximately $3,185,000. EAM Investors LLC boosted its position in Beacon Roofing Supply by 3.3% in the fourth quarter. EAM Investors LLC now owns 81,975 shares of the company’s stock valued at $3,376,000 after buying an additional 2,592 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its position in Beacon Roofing Supply by 73.7% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 130,100 shares of the company’s stock valued at $5,358,000 after buying an additional 55,200 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in Beacon Roofing Supply by 8.9% in the fourth quarter. California Public Employees Retirement System now owns 131,400 shares of the company’s stock valued at $5,411,000 after buying an additional 10,700 shares in the last quarter.

Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States. The Company operates in the wholesale distribution of building materials segment. The Company distributes other complementary building materials, such as waterproofing systems for residential and non-residential building exteriors.

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