Beacon Roofing Supply Inc. (NASDAQ:BECN) reached a new 52-week high during trading on Wednesday . The company traded as high as $48.96 and last traded at $47.50, with a volume of 722,678 shares changing hands. The stock had previously closed at $48.34.

A number of research firms have commented on BECN. Robert W. Baird reissued an “outperform” rating and set a $55.00 price target on shares of Beacon Roofing Supply in a report on Wednesday, July 6th. Jefferies Group began coverage on Beacon Roofing Supply in a report on Wednesday, July 6th. They set a “hold” rating and a $46.00 price target on the stock. BB&T Corp. raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Friday, June 10th. Royal Bank Of Canada raised Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $41.00 to $50.00 in a report on Monday, April 11th. Finally, Zacks Investment Research raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Tuesday, June 28th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $46.94.

The company has a 50-day moving average of $45.54 and a 200-day moving average of $41.50. The company has a market capitalization of $2.83 billion and a P/E ratio of 43.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Monday, May 2nd. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.22) by $0.25. The business earned $823.50 million during the quarter, compared to analysts’ expectations of $673.38 million. Beacon Roofing Supply’s revenue for the quarter was up 99.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.20) earnings per share. Equities research analysts expect that Beacon Roofing Supply Inc. will post $2.11 EPS for the current year.

In other Beacon Roofing Supply news, EVP Ross D. Cooper sold 8,403 shares of the company’s stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $47.50, for a total value of $399,142.50. Following the completion of the transaction, the executive vice president now owns 5,255 shares in the company, valued at $249,612.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Associates Viii Ltd. Cd&R sold 8,536,500 shares of the company’s stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $42.28, for a total transaction of $360,923,220.00. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Beacon Roofing Supply by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,809 shares of the company’s stock worth $106,114,000 after buying an additional 190,890 shares during the period. Jennison Associates LLC increased its position in shares of Beacon Roofing Supply by 23.3% in the fourth quarter. Jennison Associates LLC now owns 825,717 shares of the company’s stock worth $34,003,000 after buying an additional 156,244 shares during the period. OppenheimerFunds Inc. purchased a new position in shares of Beacon Roofing Supply during the fourth quarter worth $13,598,000. Morgan Stanley increased its position in shares of Beacon Roofing Supply by 1,069.4% in the fourth quarter. Morgan Stanley now owns 262,301 shares of the company’s stock worth $10,801,000 after buying an additional 239,871 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of 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 worth $5,411,000 after buying an additional 10,700 shares during the period.

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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