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

A number of brokerages recently weighed in on BECN. 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 research note on Wednesday, May 11th. Royal Bank Of Canada raised Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $41.00 to $50.00 in a research note on Monday, April 11th. 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 research note on Friday, June 10th. Jefferies Group began coverage on Beacon Roofing Supply in a research note on Wednesday, July 6th. They issued a “hold” rating and a $46.00 price target on the stock. Finally, Robert W. Baird reissued an “outperform” rating and issued a $55.00 price target on shares of Beacon Roofing Supply in a research note on Wednesday, July 6th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Beacon Roofing Supply currently has an average rating of “Buy” and a consensus price target of $48.25.

The stock has a market capitalization of $2.82 billion and a price-to-earnings ratio of 43.20. The stock’s 50 day moving average is $45.82 and its 200 day moving average is $41.59.

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

In related news, 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 value of $360,923,220.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the executive vice president now owns 5,255 shares of the company’s stock, valued at approximately $249,612.50. The disclosure for this sale can be found here.

Other large investors recently added to or reduced their stakes in the company. Rhumbline Advisers increased its stake in Beacon Roofing Supply by 3.6% in the fourth quarter. Rhumbline Advisers now owns 71,099 shares of the company’s stock worth $2,928,000 after buying an additional 2,465 shares in the last quarter. California Public Employees Retirement System increased its stake 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 worth $5,411,000 after buying an additional 10,700 shares in the last quarter. OppenheimerFunds Inc. bought a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $13,598,000. Morgan Stanley increased its stake in 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 in the last quarter. Finally, Jennison Associates LLC increased its stake in 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 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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