Benchmark Initiates Coverage on Beacon Roofing Supply (NASDAQ:BECN)

Analysts at Benchmark started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a note issued to investors on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $135.00 price target on the stock. Benchmark’s price target would indicate a potential upside of 42.77% from the company’s current price.

A number of other brokerages have also issued reports on BECN. TheStreet upgraded shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Loop Capital upped their target price on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, April 1st. JPMorgan Chase & Co. cut their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. StockNews.com upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Robert W. Baird upgraded shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and upped their target price for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.92.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $94.56 on Thursday. The company’s fifty day simple moving average is $91.47 and its 200-day simple moving average is $84.40. Beacon Roofing Supply has a 52 week low of $56.94 and a 52 week high of $102.83. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. The company has a market cap of $6.00 billion, a PE ratio of -201.19 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period in the prior year, the business posted $1.18 EPS. The business’s revenue was up 16.8% on a year-over-year basis. As a group, equities research analysts anticipate that Beacon Roofing Supply will post 7.85 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $26,000. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Beacon Roofing Supply by 15.0% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 762,007 shares of the company’s stock valued at $74,691,000 after acquiring an additional 99,350 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $218,000. Global Assets Advisory LLC bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $1,051,000. Finally, Benson Investment Management Company Inc. bought a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $3,807,000. 98.45% of the stock is currently owned by institutional investors.

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.