Beacon Roofing Supply Inc. (NASDAQ:BECN) shares traded down 3.2% on Thursday . The stock traded as low as $44.93 and last traded at $45.00, with a volume of 446,850 shares traded. The stock had previously closed at $46.48.

Several research analysts have weighed in on the company. Zacks Investment Research raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Wednesday, May 11th. Royal Bank Of Canada raised Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $41.00 to $50.00 in a research report 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 objective on the stock in a research report on Friday, June 10th. Jefferies Group assumed coverage on Beacon Roofing Supply in a research report on Wednesday, July 6th. They issued a “hold” rating and a $46.00 price objective on the stock. Finally, Robert W. Baird reissued an “outperform” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday, July 6th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Beacon Roofing Supply presently has an average rating of “Buy” and a consensus price target of $48.25.

The company has a market cap of $2.72 billion and a P/E ratio of 35.84. The stock’s 50 day moving average price is $46.38 and its 200-day moving average price is $41.93.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.02. During the same period last year, the business earned $0.56 EPS. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.15 billion. The firm’s quarterly revenue was up 60.5% on a year-over-year basis. Equities research analysts anticipate that Beacon Roofing Supply Inc. will post $2.12 earnings per share for the current 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 on 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ross D. Cooper sold 8,403 shares of Beacon Roofing Supply stock in a transaction on Thursday, July 7th. The stock was 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 directly 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 hedge funds have bought and sold shares of the company. Airain ltd acquired a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $1,498,000. Rhumbline Advisers increased 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 worth $2,928,000 after buying an additional 2,465 shares during the period. California Public Employees Retirement System increased 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 worth $5,411,000 after buying an additional 10,700 shares during the period. Morgan Stanley increased its position 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 during the period. Finally, Jennison Associates LLC increased its position 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 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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