Robert W. Baird Increases Beacon Roofing Supply (NASDAQ:BECN) Price Target to $117.00

Beacon Roofing Supply (NASDAQ:BECN) had its price target increased by Robert W. Baird from $115.00 to $117.00 in a report published on Friday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other equities analysts have also recently commented on BECN. Benchmark began coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a buy rating and a $135.00 target price on the stock. BMO Capital Markets raised their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research note on Thursday, April 11th. StockNews.com upgraded Beacon Roofing Supply from a hold rating to a buy rating in a research report on Tuesday, April 16th. Loop Capital raised their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a buy rating in a research report on Monday, April 1st. Finally, William Blair raised Beacon Roofing Supply from a market perform rating to an outperform rating in a research note on Monday, January 8th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $104.33.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN traded down $1.63 during midday trading on Friday, hitting $95.89. 1,320,369 shares of the company’s stock were exchanged, compared to its average volume of 604,855. Beacon Roofing Supply has a twelve month low of $57.01 and a twelve month high of $103.75. The firm has a market cap of $6.08 billion, a P/E ratio of -152.21 and a beta of 1.59. The stock’s 50 day moving average price is $93.77 and its 200-day moving average price is $85.92. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.31% and a net margin of 4.47%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 EPS. Equities research analysts anticipate that Beacon Roofing Supply will post 7.8 EPS for the current year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at approximately $16,521.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the transaction, the insider now owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Beacon Roofing Supply by 9.6% during the fourth quarter. Vanguard Group Inc. now owns 6,165,267 shares of the company’s stock worth $536,502,000 after purchasing an additional 539,785 shares during the period. American Century Companies Inc. lifted its position in Beacon Roofing Supply by 9.3% during the third quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock worth $211,017,000 after purchasing an additional 233,393 shares during the period. Frontier Capital Management Co. LLC grew its stake in Beacon Roofing Supply by 17.3% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock worth $185,051,000 after buying an additional 314,102 shares in the last quarter. Fiduciary Management Inc. WI increased its holdings in Beacon Roofing Supply by 4.0% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,888,614 shares of the company’s stock valued at $164,347,000 after buying an additional 72,472 shares during the period. Finally, Northern Trust Corp raised its position in shares of Beacon Roofing Supply by 1.2% in the 3rd quarter. Northern Trust Corp now owns 821,996 shares of the company’s stock valued at $63,433,000 after buying an additional 10,111 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.