Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives $124.78 Average PT from Analysts

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has received a consensus rating of “Hold” from the twelve brokerages that are presently covering the firm, Marketbeat Ratings reports. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $124.78.

BECN has been the subject of several analyst reports. Robert W. Baird increased their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their target price for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. William Blair restated a “market perform” rating on shares of Beacon Roofing Supply in a research note on Thursday, March 20th. Finally, StockNews.com began coverage on Beacon Roofing Supply in a research note on Monday. They issued a “sell” rating for the company.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $124.17 on Wednesday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31. The stock’s fifty day simple moving average is $122.27 and its two-hundred day simple moving average is $113.76. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $124.31.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. As a group, analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 16,595 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the transaction, the executive vice president now owns 463 shares of the company’s stock, valued at $57,231.43. This trade represents a 97.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the completion of the transaction, the insider now directly owns 22,642 shares in the company, valued at approximately $2,765,493.88. This represents a 27.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,806 shares of company stock worth $6,745,448. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently added to or reduced their stakes in the company. Empower Advisory Group LLC acquired a new stake in Beacon Roofing Supply during the 1st quarter valued at $233,000. PNC Financial Services Group Inc. grew its holdings in Beacon Roofing Supply by 35.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 803 shares of the company’s stock worth $99,000 after acquiring an additional 212 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Beacon Roofing Supply during the 1st quarter worth $13,162,000. Alpine Associates Management Inc. acquired a new position in Beacon Roofing Supply during the 1st quarter worth $27,647,000. Finally, Vestcor Inc acquired a new position in Beacon Roofing Supply during the 1st quarter worth $12,543,000. 98.45% of the stock is owned by institutional investors and hedge funds.

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.