Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Consensus Rating of "Buy" from Brokerages

Last updated on Saturday, June 12, 2021 | 2021 MarketBeat

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have earned an average recommendation of "Buy" from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $55.83.

A number of research firms have commented on BECN. Robert W. Baird upped their price target on Beacon Roofing Supply from $57.00 to $65.00 and gave the stock an "outperform" rating in a research note on Friday, May 7th. Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $48.00 to $63.00 and gave the stock a "sector perform" rating in a research report on Friday, May 7th. Northcoast Research reaffirmed a "neutral" rating on shares of Beacon Roofing Supply in a research report on Wednesday, April 21st. Truist Securities upped their price objective on Beacon Roofing Supply from $49.00 to $68.00 in a research report on Friday, May 7th. Finally, Stifel Nicolaus assumed coverage on Beacon Roofing Supply in a research report on Tuesday, March 9th. They set a "buy" rating and a $61.00 price objective on the stock.

NASDAQ:BECN opened at $54.99 on Friday. The company has a quick ratio of 1.24, a current ratio of 2.04 and a debt-to-equity ratio of 1.34. The stock's fifty day moving average price is $56.48. Beacon Roofing Supply has a 52 week low of $24.56 and a 52 week high of $60.93. The firm has a market capitalization of $3.84 billion, a PE ratio of -19.85 and a beta of 2.02.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, May 6th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.22. Beacon Roofing Supply had a positive return on equity of 16.33% and a negative net margin of 2.41%. The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.32 billion. As a group, equities analysts predict that Beacon Roofing Supply will post 3.69 earnings per share for the current fiscal year.

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 4,000 shares of the firm's stock in a transaction dated Friday, April 16th. The stock was sold at an average price of $57.00, for a total transaction of $228,000.00. Following the transaction, the insider now owns 56,002 shares of the company's stock, valued at $3,192,114. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Cd&R Investment Associates Ix, acquired 563,611 shares of the company's stock in a transaction on Thursday, April 29th. The shares were purchased at an average cost of $53.23 per share, for a total transaction of $30,001,013.53. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company's stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its stake in shares of Beacon Roofing Supply by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 16,427 shares of the company's stock worth $859,000 after buying an additional 321 shares during the period. Aperio Group LLC boosted its stake in shares of Beacon Roofing Supply by 4.6% during the fourth quarter. Aperio Group LLC now owns 9,678 shares of the company's stock worth $389,000 after buying an additional 425 shares during the period. The PNC Financial Services Group Inc. lifted its position in Beacon Roofing Supply by 287.5% in the first quarter. The PNC Financial Services Group Inc. now owns 775 shares of the company's stock valued at $41,000 after purchasing an additional 575 shares during the period. Teacher Retirement System of Texas lifted its position in Beacon Roofing Supply by 2.7% in the first quarter. Teacher Retirement System of Texas now owns 43,099 shares of the company's stock valued at $2,255,000 after purchasing an additional 1,128 shares during the period. Finally, Advisory Services Network LLC acquired a new stake in Beacon Roofing Supply in the fourth quarter valued at about $45,000.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, and retailers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.

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Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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