Beacon Roofing Supply (NASDAQ:BECN) Now Covered by StockNews.com

StockNews.com assumed coverage on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a research note published on Saturday. The brokerage issued a sell rating on the stock.

A number of other research firms have also recently issued reports on BECN. Royal Bank of Canada cut Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and increased their target price for the stock from $124.00 to $124.35 in a report on Wednesday, April 2nd. Stifel Nicolaus downgraded Beacon Roofing Supply from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Benchmark reaffirmed a "buy" rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. BMO Capital Markets reiterated a "market perform" rating and issued a $124.35 price objective (down from $130.00) on shares of Beacon Roofing Supply in a report on Thursday, April 17th. Finally, Zelman & Associates downgraded shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of "Hold" and an average target price of $121.47.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock remained flat at $124.17 during trading hours on Friday. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $124.31. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $7.67 billion, a price-to-earnings ratio of 21.23 and a beta of 1.31. The stock's fifty day moving average is $121.11 and its two-hundred day moving average is $112.25.

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

Insider Transactions at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 29,724 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 87,943 shares in the company, valued at approximately $10,821,386.15. This trade represents a 25.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jonathan Stuart Bennett sold 8,487 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the sale, the insider now directly owns 22,642 shares of the company's stock, valued at approximately $2,765,493.88. The trade was a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders 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

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in Beacon Roofing Supply during the fourth quarter worth about $31,000. Versant Capital Management Inc grew its position in Beacon Roofing Supply by 133.7% during the first quarter. Versant Capital Management Inc now owns 388 shares of the company's stock worth $48,000 after buying an additional 222 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $54,000. PNC Financial Services Group Inc. increased its stake in Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company's stock worth $60,000 after acquiring an additional 163 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Beacon Roofing Supply by 26.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company's stock valued at $73,000 after acquiring an additional 150 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.