Beacon Roofing Supply (NASDAQ:BECN) Earns Market Perform Rating from BMO Capital Markets

BMO Capital Markets restated their market perform rating on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a report published on Thursday morning, Marketbeat reports. They currently have a $124.35 price target on the stock, down from their prior price target of $130.00.

Several other research analysts have also weighed in on the company. Robert W. Baird increased their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an "outperform" rating in a research report on Friday, February 28th. Raymond James lowered shares of Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 21st. Royal Bank of Canada downgraded Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and increased their price target for the company from $124.00 to $124.35 in a report on Wednesday, April 2nd. Benchmark reiterated a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Finally, Stifel Nicolaus lowered shares of Beacon Roofing Supply from a "buy" rating to a "hold" rating and dropped their price objective for the company from $131.00 to $122.55 in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply has an average rating of "Hold" and a consensus target price of $121.47.

Beacon Roofing Supply Trading Up 0.2 %

NASDAQ:BECN traded up $0.29 on Thursday, reaching $123.94. The stock had a trading volume of 2,882,934 shares, compared to its average volume of 2,141,584. The firm's fifty day moving average is $120.20 and its two-hundred day moving average is $110.80. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a market cap of $7.66 billion, a price-to-earnings ratio of 21.19 and a beta of 1.31. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $124.02.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last posted its quarterly earnings data 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 return on equity of 25.32% and a net margin of 3.86%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Equities analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jonathan Stuart Bennett sold 8,487 shares of the company's stock in a transaction dated 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 owns 22,642 shares in the company, valued at approximately $2,765,493.88. This represents a 27.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clement Munroe Best III sold 29,724 shares of the company's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the completion of the transaction, the insider now owns 87,943 shares of the company's stock, valued at approximately $10,821,386.15. This trade represents a 25.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,806 shares of company stock worth $6,745,448. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in shares of Beacon Roofing Supply by 7.3% in the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company's stock valued at $234,000 after acquiring an additional 181 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Beacon Roofing Supply during the 3rd quarter valued at $266,000. MML Investors Services LLC bought a new stake in shares of Beacon Roofing Supply in the 3rd quarter worth $268,000. Barclays PLC lifted its holdings in shares of Beacon Roofing Supply by 272.0% in the third quarter. Barclays PLC now owns 122,024 shares of the company's stock valued at $10,547,000 after buying an additional 89,222 shares during the period. Finally, Tidal Investments LLC grew its holdings in Beacon Roofing Supply by 11.8% during the third quarter. Tidal Investments LLC now owns 5,022 shares of the company's stock worth $434,000 after acquiring an additional 530 shares during the period. 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.